{"id":543711,"date":"2022-02-15T04:04:25","date_gmt":"2022-02-15T04:04:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/15\/importers-get-your-letters-of-credit-asap\/"},"modified":"2022-02-15T04:04:25","modified_gmt":"2022-02-15T04:04:25","slug":"importers-get-your-letters-of-credit-asap","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/15\/importers-get-your-letters-of-credit-asap\/","title":{"rendered":"Importers, get your letters of credit ASAP"},"content":{"rendered":"

<\/a> Importers are going to need letters of credit to buy goods starting March:<\/strong> Documentary collection from exporters will no longer be accepted by banks to facilitate the import of goods into Egypt from the beginning of March, according to a decision by the Central Bank of Egypt taken over the weekend. Copies of letters sent to banks, dated 12 February and circulating widely in the domestic press and on social media, show that the CBE has instructed banks to begin only accepting letters of credit to facilitate the purchase of imports.<\/p>\n

Importers are not happy:<\/strong> In a joint letter (pdf)<\/a> to Prime Minister Mostafa Madbouly, the heads of the Federation of Egyptian Chamber of Commerce (the unfortunately named FEDCOC), Federation of Egyptian Industries, and Egyptian Businessmen\u2019s Association called for the move to be reversed. They said the decision would exacerbate existing supply chain issues and increase production costs, causing the price of goods to rise in the local market and damaging the competitiveness of Egyptian exports. The new rule also presents a \u201cdirect threat to citizens' health and safety,\u201d they said, as it would delay urgent pharma shipments and increase the cost of medical supplies. The organizations added that the decision did not take into account SMEs who are unable to take out credit lines to cover the cost of shipments, and said an exemption granted to foreign companies was unfair.<\/p>\n

The decision could see the price of goods rise 15-20%, said Metta Beshay<\/strong>, a member of FEDCOC\u2019s importers division, in a statement to the press yesterday. The new rule would increase costs and cause confusion for importers, he said, noting that prices are already rising due to global inflation.<\/p>\n

From where we sit, that seems exaggerated: <\/strong>The cost of a basic import letter of credit at CIB for a period of three months is 1.75% (pdf)<\/a>, while the fee for the existing system of inward documentary collection runs at 0.3-1.75% (pdf)<\/a> depending on the nature of the process.<\/p>\n

Exempt from the decision:<\/strong> Foreign companies and their subsidiaries do not have to abide by the new decision. Banks are also allowed to accept invoices for goods that had already been shipped before the decision was issued.<\/p>\n

How did it work before the change in regulations? <\/strong>We\u2019re simplifying here, but importers previously had the option of inward documentary collection<\/a>. That\u2019s a process through which importers and exporters exchange information (via their banks) about who\u2019s buying what. The bank would take a fee for releasing money from an importer\u2019s account against documents that included a commercial invoice, a certificate of origin, a bill of lading, et cetera. Documentary collection tends to start with the exporter\u2019s bank sending over \u2026 documents.<\/p>\n

What\u2019s changed? <\/strong>Letters of credit<\/a> (or just \u201cL\/C\u201d in trade finance) are a bit more complicated \u2014 and offer more protection to the exporter. The importer\u2019s bank will still ask for plenty of documentation to take on a transaction, but they\u2019re also entering into a contract that requires them to pay the exporter if the importer defaults for whatever reason. Industry wisdom is that L\/Cs make bogus invoices and dodgy practices a bit more difficult to pull off because banks dig deeper. L\/Cs tend to start when the buyer\u2019s bank provides the seller\u2019s bank the assurance that the money will flow on receipt of the shipment.<\/p>\n","protected":false},"excerpt":{"rendered":"

Importers are going to need letters of credit to buy goods starting March: Documentary collection from exporters will no longer be accepted by banks to facilitate the import of goods into Egypt from the beginning of March, according to a decision by the Central Bank of Egypt taken over the weekend. Copies of letters sent […]<\/p>\n","protected":false},"author":1,"featured_media":543712,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8516],"tags":[271,917,72,916,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543711","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trade","tag-central-bank-of-egypt","tag-egyptian-businessmens-association","tag-enterpriseam","tag-federation-of-egyptian-industries","tag-trade","wpautop","entry"],"acf":{"mongo_id":"f1237459-2827-438d-96c3-8fe7a8dce26e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/2\/195.jpg","photo_position":"above","related_issue":[543707],"teaser":"","voice_url":""},"yoast_head":"\nImporters, get your letters of credit ASAP - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/15\/importers-get-your-letters-of-credit-asap\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Importers, get your letters of credit ASAP\" \/>\n<meta property=\"og:description\" content=\"Importers are going to need letters of credit to buy goods starting March: Documentary collection from exporters will no longer be accepted by banks to facilitate the import of goods into Egypt from the beginning of March, according to a decision by the Central Bank of Egypt taken over the weekend. 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shipments: Imports of goods worth up to USD 5k (or the equivalent in any other foreign currency) will be exempt from the Central Bank of Egypt\u2019s (CBE) decision requiring importers to get letters of credit (L\/Cs) for\u2026","rel":"","context":"In "Trade"","block_context":{"text":"Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/241.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543835,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/21\/more-moves-from-the-central-bank-to-ease-in-new-import-rules-nafeza-trials-for-air-freight-to-start-soon\/","url_meta":{"origin":543711,"position":1},"title":"More moves from the central bank to ease in new import rules + Nafeza trials for air freight to start soon","author":"enterpriseam admin","date":"21 February 2022","format":false,"excerpt":"CBE teams up with Credit Guarantee Company to help banks cover risk when issuing letters of credit to importers: The Central Bank of Egypt (CBE) is launching an initiative with the Credit Guarantee Company (CGC) to help \u201ccover the risks associated with issuing letters of credit from banks,\u201d the CBE\u2026","rel":"","context":"In "Trade"","block_context":{"text":"Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/292.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549097,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/a-measure-of-relief-coming-for-importers\/","url_meta":{"origin":543711,"position":2},"title":"A measure of relief coming for importers?","author":"enterpriseam admin","date":"4 September 2022","format":false,"excerpt":"CBE, Trade Ministry mull fresh relief for importers: The Central Bank of Egypt and Trade and Industry Ministry could allow importers who are not able to retrieve a Form 4 customs document to pay six-month open letters of guarantee in exchange for the immediate release of their shipments, two unnamed\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/106.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544473,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/cbe-issues-updates-to-its-l-cs-faq-sheet\/","url_meta":{"origin":543711,"position":3},"title":"CBE issues updates to its L\/Cs FAQ sheet","author":"enterpriseam admin","date":"6 March 2022","format":false,"excerpt":"CBE issues updates clarifying new import rules: The central bank on Thursday issued updates (pdf) to its responses to importers\u2019 questions about new rules requiring them to get letters of credit (L\/Cs) for their purchases.What new rules? As of the beginning of March, banks have stopped documentary collection as part\u2026","rel":"","context":"In "Trade"","block_context":{"text":"Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/57.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543897,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/23\/more-clarity-from-cbe-on-new-import-rules\/","url_meta":{"origin":543711,"position":4},"title":"More clarity from CBE on new import rules","author":"enterpriseam admin","date":"23 February 2022","format":false,"excerpt":"The Central Bank of Egypt has responded in a document to queries from importers on its recently issued rules requiring them to get letters of credit (L\/Cs) for their purchases instead of the common practice of documentary collection, Hapi Journal reports, picking up a story from state news agency MENA.Temporary\u2026","rel":"","context":"In "Trade"","block_context":{"text":"Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549548,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/foreign-currency-rules-for-imports-are-easing\/","url_meta":{"origin":543711,"position":5},"title":"Foreign-currency rules for imports are easing","author":"enterpriseam admin","date":"21 September 2022","format":false,"excerpt":"Central bank eases FX rules for imports: The Central Bank of Egypt (CBE) has relaxed restrictions on the use of foreign currencies for imports in a bid to ease the buildup of goods at ports, according to a document circulating among banks seen by Enterprise.Among the key changes:#1- You should\u2026","rel":"","context":"In "Trade"","block_context":{"text":"Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/294.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543711","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=543711"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543711\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543707"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/543712"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543711"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543711"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}