Letters of Credit
The Central Bank of Egypt (CBE) has reportedly directed banks, for the first time in two months, to allocate dollars for letters of credit (LC) related to the importing of non-essential goods requiring pre-approval.
The National Bank of Egypt’s (NBE) total collection of waiver of foreign currency reached $ 9.5 billion (LE 171.3 billion) since the pound’s flotation in November.
The National Bank of Egypt (NBE)’s financial import transactions and letters of credit (LoCs) have been valued at $9 billion since November.
The total volume of foreign trade transactions done through the banking sector amounted to $35 billion since the Egyptian pound flotation .
