Central Bank of Egypt excludes rice, beans, lentils from 100% cash margin

The Central Bank of Egypt has excluded rice, beans and lentils from the 100% cash margin requirement imposed on most imports, according to a statement (pdf). This exempts the three crops from a decision (pdf) taken in 2015 requiring importers to fully cover import letters of credit (LC) at commercial banks at the time of opening them. The decision — which will alleviate liquidity constraints for importers and encourage the import of rice and legumes — comes amid a strategy to save water by limiting the cultivation of water-intensive crops.