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2015-05-13

Added 2024-09-20 · Updated 2026-08-16

Extending the period for excluding import operations of some goods from the minimum cash insurance rate until the end of December 2015

The Central Bank of Egypt extends the exemption period for the minimum 50% cash insurance rate on imports of specific goods, including medicines, infant milk, foodstuffs, animal feed, fertilizers, meat, and sugar, by an additional six months, extending the deadline to the end of December 2015. Banks are permitted to determine their own cash coverage ratios without a minimum floor, provided they adhere to Central Bank credit granting guidelines and conduct their own credit assessments. This directive serves as a formal notification to banks to ensure full compliance with the extended exemption terms.

Egypt

Central Bank of Egypt

Mr. Chairman of the Board of Directors Cairo, May 13, 2015

Greetings,

With reference to our letter No. 406 dated November 10, 2014, which included the permission for banks to exempt the import operations of the following goods from the minimum cash insurance rate of 50%:

Medicines, vaccines, and specialized chemical materials
Infant milk
Foodstuffs (wheat / oils / grains)
Animal feed (corn / soy / other requirements)
Fertilizers and pesticides
Meats and poultry of all types
Sugar of all types

This is with the freedom left for banks to determine the cash coverage ratio without a minimum floor, while ensuring adherence to the credit granting guidelines issued by the Central Bank of Egypt, and the results of the credit studies conducted by each bank for its clients in this regard, until the end of June 2015.

In light of the above, it has been decided to "extend the period of the mentioned exemption for an additional 6 months ending at the end of December 2015."

Please be informed and ensure full compliance with the provisions of this letter.

Yours faithfully,

Hesham Ramzy Abdel Hafez