Egypt’s central bank issues new instructions to facilitate import process – Egypt Today

Egypt’s central bank issues new instructions to facilitate import process – Egypt Today

CAIRO - 20 September 2022: The Central Bank of Egypt (CBE) issued new instructions to facilitate import operations, as well as other instructions it had previously issued, after a meeting of the Deputy Governor of the Central Bank, Gamal Negm, with manufacturers. These instructions included the release of imported shipments that worth up to $25,000 to importers once every 6 months, while shipments with a value exceeding $25,000 are released using Form 4. The CBE also excluded the foreign component from opening a documentary credit in the case of electronic goods that are assembled in Egypt and consist of local parts next to the imported parts, and shipping documents are accepted in light of the fact that they are a production requirement. “Accepting the proceeds of companies' cash deposits in foreign currencies resulting from export operations with neighboring countries "Libya - Syria - Sudan - Palestine - Iraq - Yemen",” the instructions revealed. In addition to using it in the implementation of import operations, taking into account the proportion of the value of deposits with the volume and nature of the customer's usual activity and the value of the documents indicating the export operation. According to the Central Bank of