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2014-11-26

Added 2024-09-20 · Updated 2026-08-16

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.

Egypt

Central Bank of Egypt

Cairo, 10 November 2014

Mr. Chairman of the Board of Directors, Tahya Bank

Greetings,

With reference to our letter No. 226 dated 10 June 2014, which included permission for banks to exempt the import operations of the following materials from the minimum cash insurance rate of 50%:

Medicines, vaccines, and their specialized chemical materials
Infant milk
Foodstuffs (wheat / oils / grains)
Animal feeds (corn / soy / other supplies)
Fertilizers and pesticides
Meats and poultry of all kinds
Sugars of all kinds

This was granted while leaving banks free to determine the cash coverage ratio without a minimum floor, with the necessity of observing the credit granting controls 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 December 2014.

In light of the above, it has been decided to "extend the period of the aforementioned exemption for an additional 6 months ending at the end of June 2015, while observing the credit granting controls, and the results of the credit studies conducted by each bank for its clients in this regard".

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

Accept our highest respect and appreciation,

Hesham Ramzy Abdel Hafez