CBE excludes beans, rice, lentils from monetary insurance required for import

Hossam Mounir
1 Min Read
It is expected that the MPC would make a decision to fix interest rates in the CBE, as it did before in February, April and June; says General Director of Treasury at the Industrial Development and Workers Bank of Egypt AFP Photo

The Central Bank of Egypt (CBE) issued on Thursday new directives regarding the controls of import processes that take place through banks.

The CBE has allowed banks to exclude beans, rice, and lentils from the monetary coverage required for import processes-which is estimated to be 100% of the volume of these processes-for trade purposes, for a period of one year that ends on 15 March 2020.

According to a letter signed by Gamal Negm, the deputy governor of CBE, these new directives aim to facilitate import measures in order to meet citizens’ needs. This comes in light of the CBE following-up on the needs of the Egyptian market and ensuring that import measures are facilitated.

The CBE has stressed that these directives are applicable to all import operations, taking into consideration these companies’ credit studies.

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