Regulatory Alerts2014-11-26
Added · Updated
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 2015
The letter extends the exemption from the minimum 50% cash insurance rate for the import of specific goods, including medicines, infant milk, wheat, oils, grains, animal feed, fertilizers, pesticides, meat, poultry, and sugar, for an additional six months until the end of June 2015. Banks are permitted to determine their own cash coverage ratios without a minimum floor, provided they adhere to the Central Bank of Egypt's credit granting guidelines and the results of their internal credit studies for clients. This extension applies to the previously authorized exemptions that were originally set to expire at the end of December 2014.
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