Companies with pre-float LCs want banks to resume dealing while repayment guidelines are set

The Union of Egyptian Investor Associations are asking the Central Bank to order all financial institutions to resume dealings with companies until guidelines for settling their pre-EGP float LCs are available, Al Borsa reported. During a meeting with CBE Governor Tarek Amer last week, Union members had proposed a seven-year repayment period at a 5% interest rate, but the CBE has yet to approve.