Regulatory Alerts2012-02-06
Added · Updated
FEPD Circular No. 02: Usance interest rate for deferred payment imports
For private sector imports on usance terms, interest rates may bear mark-ups over LIBOR according to prevailing market conditions, subject to an overall interest cost not exceeding 6% per annum. This revised interest level also applies to buyers’ credits from foreign banks and financial institutions arranged through designated authorized dealers. The previous restriction limiting usance interest to no higher than LIBOR is superseded for these transactions, while other instructions in the referenced paragraph of the Guidelines for Foreign Exchange Transactions, 2009 remain unchanged.
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