Last Night’s Talk Shows: The great debate over import letters of credit

Industry officials and banking experts spoke up on the airwaves last night about the CBE’s new import rules, after the bank announced it would not amend its decision requiring importers to get letters of credit (L/Cs) for their purchases despite complaints from importers. Head of the Egyptian Businessmen’s Association Ali Eissa spoke with Al Kahera Wal Nas (watch, runtime: 9:34) and Yahduth Fi Misr (watch, runtime: 7:28) to discuss the potential impact of the decision, which he said comes at a difficult time, with the global supply chain crunch already pressuring importers and local producers. Mohamed El Sallab, deputy chair of the House of Representatives’ industry committee, also discussed the objections to the new rules with Kelma Akhira (watch, runtime: 2:23), while Suez Canal Bank’s Mohamed Abdel Aal shared his perspective on the decision’s merits in a phone-in with Kelma Akhira (watch, runtime: 1:43). We have more on the story in this morning’s Trade section, above.