The nation’s banks got clear instructions yesterday from the central bank: Start easing restrictions as quickly as each bank is individually able to do so as we transition to a new normal.

Here’s how that played out:

#1- New high-interest CDs: State-owned Banque Misr and National Bank of Egypt have rolled out high-interest certificates of deposit (CDs) (here and here, pdf). The three-year CDs carry a declining rate, offering buyers an annual payment of 30% for the first year, 25% for the second year, and 20% for the third year, or quarterly or monthly payouts at reduced annual rates. Quarterly payouts start at a 27% annual rate, declining 400 bps each year, while monthly payouts start at 26% and decline 350 bps each year.

ICYMI: The two banks in January introduced then-record high CDs with yields up to 27% in January to reel in liquidity after CDs worth around EGP 500 bn matured.

#2- FX spending limit revisited: TheCBE told banks they can ease over time limits on foreign-currency transactions, a senior banker tells us. The central bank is leaving each institution to ease restrictions at its own pace. The CBE is also allowing banks to ease curbs on the use of EGP credit cards for FCY-transactions in Egypt. It remains unclear when it will scrap limits on the use of EGP debit cards abroad.

#3- Black market no more? FX trading on the black market came to a halt yesterday, signaling that the central bank achieved one of its main goals with the recent wave of reforms. The parallel market is “on its way to disappearing completely,” Banque Misr Chairman Mohamed El Etreby said (watch, runtime: 4:35).

#4- Import backlog to ease: Banks exchanged more than USD 1 bn via the interbank market yesterday to cover backlogged requests to fund the imports of basic commodities. Importers of strategic and critical goods should see relief first, one of the nation’s most senior private-sector bankers tell us. “We will prioritize importers of food, medicine and the like — the idea is to get critical stuff out of ports as soon as possible and then move on to production inputs and everything else in the backlog.”

Estimates of the size of the backlog vary wildly depending on who you talk with, but we think it’s in the range of USD 6-8 bn when you exclude duplicate orders and other distortions. Prime Minister Mostafa Madbouly has signaled that the release of goods from ports is a priority.

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