Egypt's central bank issues new instructions to facilitate import process

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 Egypt’s statement, the exporter must complete a true copy of the customs declaration certified by the competent customs, the General Organization for Export and Import Control, and the foreign trade sector in the Ministry of Trade and Industry, according to the two periodicals issued by the Central Bank on May 13, 2015 and October 20, 2015.

 

Last February, the Central Bank issued a decision to stop dealing with collection documents when carrying out import operations and to deal only with documentary credits, which met with great objection from businessmen, manufacturers and traders, which prompted them to submit a memorandum to the Prime Minister asking him to intervene to stop the decision.

 

However, the decision is still applied since the date of its issuance, with the exception of some strategic commodities from documentary credits, including production requirements and raw materials.