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 December 2014 — CBE — EG

Mr. Chairman of the Board of Directors

Cairo Bank, June 10, 2014
Greetings,

With reference to Circular No. 348 dated October 2, 2013, which included the permission for banks to exempt import operations of all types of meat and poultry, and all types of sugar, on behalf of traders for the purpose of trading them or government entities, from the minimum cash insurance rate of 50%, while leaving the freedom for banks to determine the cash coverage percentage without a minimum limit..., in addition to "exempting the import operations of the following materials from the minimum cash insurance rate of 50%:

Medicines, sera, and their special chemical materials
Infant milk
Foodstuffs (wheat / oils / grains)
Animal feeds (corn / soy / other requirements)
Fertilizers and insecticides"

This with leaving the freedom for banks to determine the cash coverage percentage without a minimum limit, while 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 June 2014.

In light of the above, it has been decided as follows:

"Extending the period of exemption for import operations of meat and poultry of all types, and sugar of all types, in addition to medicines and sera, and their special chemical materials, infant milk, foodstuffs (wheat / oils / grains), animal feeds (corn / soy / other requirements), fertilizers and insecticides, for an additional period of 6 months ending at the end of December 2014, 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 regarding full compliance with what is stated in this letter.

Accept our highest respect and appreciation,
Hesham Ramzy Abdel Hafez

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Amends

Circular No. 348 dated 2013-10-02Not in RegAlert
“With reference to Circular No. 348 dated October 2, 2013, which included the permission for banks to exempt import operations... Extending the period of exemption... for an additional period of 6 months”