CBE eases import controls

With reserves looking solid, CBE scraps some import controls: The central bank issued directives on Thursday (pdf) that appear to lift certain import restrictions issued back in 2015. The order cancelled a directive that required an importers’ bank to deal directly with an exporter’s bank in documentary collection, instructing banks to handle documentary collection through their clients. The order also exempts SMEs that import essential food goods from making EGP deposits to cover letters of credit to 100% of the payment amount in USD.