{"id":543777,"date":"2022-02-17T03:56:04","date_gmt":"2022-02-17T03:56:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/we-have-more-details-on-the-cbes-new-import-rules\/"},"modified":"2022-02-17T03:56:04","modified_gmt":"2022-02-17T03:56:04","slug":"we-have-more-details-on-the-cbes-new-import-rules","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/we-have-more-details-on-the-cbes-new-import-rules\/","title":{"rendered":"We have more details on the CBE\u2019s new import rules"},"content":{"rendered":"

<\/a> Details on CBE\u2019s new import rules outline exemptions for some goods + small <\/strong>shipments:<\/strong> 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 their purchases, according to a Federation of Egyptian Banks (FEB) statement carried by Masrawy<\/a> and several other local outlets. The decision also exempts shipments delivered via express post, according to the statement.<\/p>\n

The CBE is also exempting from the decision the import of meds, vaccines<\/strong>, and the active ingredients required to manufacture them locally. Imports of tea, meat and poultry products, fish, wheat, oil, milk powder, baby formula, fava beans, lentils, butter, and corn are also not subject to the new requirement.<\/p>\n

The new rules will come into effect next Tuesday, 22 February<\/strong>, according to the FEB. The CBE had previously indicated that the decision would be implemented from the beginning of March.<\/p>\n

Importers should be able to switch to L\/Cs without extra bank fees:<\/strong> Banks must lower the fees for issuing L\/Cs to match those for the existing process of documentary collection, according to the FEB statement. Banks are also required to raise credit limits for existing customers and set new limits for new customers, depending on their import volumes. The FEB is also instructing banks to provide L\/Cs to all customers who request them as quickly as possible.<\/p>\n

Refresher:<\/strong> The CBE issued over the weekend<\/a> new regulations that require banks to begin only accepting letters of credit to facilitate the purchase of imports, and to no longer accept documentary collection from exporters. L\/Cs ensure exporters that the bank will pay them if the importer defaults for whatever reason, offering exporters more protection. Trade and industry organizations had objected to the move, suggesting that<\/a> it would drive up the price of goods in the local market and hurt the competitiveness of Egyptian exports. Among the challenges presented by the decision: Complexity for SMEs unexperienced with navigating the bureaucracy needed to obtain an L\/C \u2014 and a cashflow hit for importers of all sizes, given banks typically freeze funds in importers\u2019 accounts equivalent to the full value of the L\/C until the L\/C is wound down.<\/p>\n","protected":false},"excerpt":{"rendered":"

Details on CBE\u2019s new import rules outline exemptions for some goods + small 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 their purchases, according to a […]<\/p>\n","protected":false},"author":1,"featured_media":543778,"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":[271,72,950,871,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543777","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trade","tag-central-bank-of-egypt","tag-enterpriseam","tag-federation-of-egyptian-banks","tag-regulation-watch","tag-trade","wpautop","entry"],"acf":{"mongo_id":"92c4a593-2425-41dd-8af3-42c1de9c3569","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/2\/241.jpg","photo_position":"above","related_issue":[543767],"teaser":"","voice_url":""},"yoast_head":"\nWe have more details on the CBE\u2019s new import rules - 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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":543791,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/last-nights-talk-shows-more-imports-paperwork-talk\/","url_meta":{"origin":543777,"position":1},"title":"Last Night\u2019s Talk Shows: More imports paperwork talk","author":"enterpriseam admin","date":"17 February 2022","format":false,"excerpt":"The CBE\u2019s new import rules led coverage on the airwaves for a second day running. We have more on the new rules in this morning\u2019s Trade section, above.There were advocates: A central bank directive to reduce fees for importers to obtain letters of credit (L\/Cs) is key and means that\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543711,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/15\/importers-get-your-letters-of-credit-asap\/","url_meta":{"origin":543777,"position":2},"title":"Importers, get your letters of credit ASAP","author":"enterpriseam admin","date":"15 February 2022","format":false,"excerpt":"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\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\/195.jpg?fit=%2C&ssl=1&resize=350%2C200","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":543777,"position":3},"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":[]},{"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":543777,"position":4},"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":577567,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/28\/pm-cbe-governor-working-to-drum-up-fx\/","url_meta":{"origin":543777,"position":5},"title":"PM, CBE governor working to drum up FX","author":"enterpriseam admin","date":"28 November 2022","format":false,"excerpt":"\u00a0Central Bank Governor Hassan Abdalla and Prime Minister Moustafa Madbouly discuss ensuring that FX remains available and stable for strategic goods, according to a cabinet statement. Their statement stressed that they\u2019re working to boost FX reserves by drumming up FX, including by attracting more FDI, boosting tourism, and through the\u2026","rel":"","context":"In "IMPORTS"","block_context":{"text":"IMPORTS","link":"https:\/\/enterpriseam.com\/egypt\/category\/imports\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/447.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\/543777","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=543777"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543777\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543767"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/543778"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543777"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543777"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}