Extending the period of exclusion for import operations of some goods whose import operations are excluded from the minimum cash insurance rate until the end of June 2014

Dear Sir / Chairman of the Board, Bank Tahya, greetings,

With reference to letter number 306 dated June 16, 2013, which included permitting banks to exempt import operations of all types of meat and poultry, and all types of sugar for the account of traders for the purpose of trading in them or government entities from the minimum cash insurance rate of 50%, while leaving banks free to determine the cash coverage ratio without a minimum limit... in addition to "exempting import operations of the following materials from the minimum cash insurance rate of 50%:

1. Medicines, vaccines, and their special chemical materials
2. Infant milk
3. Foodstuffs (wheat / oils / grains)
4. Animal feeds (corn / soy / remaining requirements)
5. Fertilizers and insecticides

This with leaving banks free to determine the cash coverage ratio without a minimum limit, while observing the credit granting controls issued by the Central Bank of Egypt, and the results of the credit studies that each bank conducts for its clients in this regard, until the end of December 2013."

This and in light of the above, it has been decided as follows:

"Extend the period of exemption for import operations of meat and poultry of all types, and sugar of all types, in addition to medicines, vaccines, and their special chemical materials, infant milk, foodstuffs (wheat/oils/grains), animal feeds (corn / soy / remaining requirements), fertilizers, and insecticides, for a period of 6 additional months ending at the end of June 2014, while observing credit granting controls, and the results of credit studies conducted by each bank for its clients in this regard."

Please be kind enough to take note and alert to full compliance with what is stated in this letter.

Accept our highest respect and appreciation,
Hisham Ramzy Abdel Hafez