Mandatory Use of Letters of Credit for Imports in Egypt

Dear Member,

In the letter sent to our Chamber by TOBB, with reference to the letter received from the Ministry of Trade dated 21.02.2022 and numbered 72088775, and with reference to a letter received from the Commercial Counsellor's Office in Cairo, it is stated that, under a Decision published by the Central Bank of Egypt on 13 February 2022, as of the beginning of March, cash against documents will no longer be used as a payment method for imports and letters of credit will be accepted instead.

The letter further explains that, despite objections to the said practice conveyed by the business community, the competent Egyptian authorities are working on implementing the practice as detailed in the letter. The letter also states that the details of how the system will work are unclear.

 

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Date Added :2022-02-25 11:32:00