{"id":543835,"date":"2022-02-21T04:23:57","date_gmt":"2022-02-21T04:23:57","guid":{"rendered":"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\/"},"modified":"2022-02-21T04:23:57","modified_gmt":"2022-02-21T04:23:57","slug":"more-moves-from-the-central-bank-to-ease-in-new-import-rules-nafeza-trials-for-air-freight-to-start-soon","status":"publish","type":"post","link":"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\/","title":{"rendered":"More moves from the central bank to ease in new import rules + Nafeza trials for air freight to start soon"},"content":{"rendered":"

<\/a> CBE teams up with Credit Guarantee Company to help banks cover risk when <\/strong>issuing letters of credit to importers: <\/strong>The Central Bank of Egypt (CBE) is launching an initiative with the Credit Guarantee Company (CGC)<\/a> to help \u201ccover the risks associated with issuing letters of credit from banks,\u201d the CBE wrote in a letter seen by Enterprise and circulating widely in the local press. The move comes to encourage banks to issue new letters of credit (L\/Cs) for importers who had previously facilitated their purchases through documentary collection.<\/p>\n

The details:<\/strong> CGC will waive fees to guarantee the L\/Cs for banks for six months from the initiative\u2019s launch. The company is set to brief banks on the parameters of the initiative. <\/strong><\/p>\n

What <\/strong>new import rules?<\/strong> Starting tomorrow<\/a>, banks will only accept L\/Cs to facilitate the purchase of imports, and will no longer accept documentary collection. The central bank has announced exemptions and other measures to facilitate the move, which has drawn criticism from trade and industry organizations, who said it would drive up the price of goods in the local market and hurt the competitiveness of Egyptian exports.<\/p>\n

\n

ALSO IN TRADE-<\/strong> A trial to extend the Advance Cargo Information (ACI) system to air freight will <\/strong>begin \u201csoon,\u201d<\/strong> according to a Finance Ministry<\/a> statement. Once the trial period is complete, only shipments that are registered through the system will be allowed to enter the country through airports, according to the statement. A three-month trial of the system for air cargo had previously been tipped to begin in January<\/a> for an April launch.<\/p>\n

What\u2019s ACI? <\/strong>It\u2019s a key part of the Finance Ministry\u2019s digital customs system known as Nafeza, which went live for maritime importers in October<\/a>. For more on ACI and Nafeza, head to our latest in-depth look at the initiative here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 wrote in a letter seen […]<\/p>\n","protected":false},"author":1,"featured_media":543836,"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":[307,993,271,992,72,276,308,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543835","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trade","tag-aci","tag-advance-cargo-information-system","tag-central-bank-of-egypt","tag-credit-guarantee-company","tag-enterpriseam","tag-finance-ministry","tag-nafeza","tag-trade","wpautop","entry"],"acf":{"mongo_id":"02842f2d-4216-4a4b-92f3-70ea5c592f06","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/2\/292.jpg","photo_position":"above","related_issue":[543829],"teaser":"","voice_url":""},"yoast_head":"\nMore moves from the central bank to ease in new import rules + Nafeza trials for air freight to start soon - 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In exchange, CGC will issue assurances to banks offering funding for SME projects to cover the associated risks. CBE Governor\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543739,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/16\/cbe-holding-the-line-on-new-import-rules\/","url_meta":{"origin":543835,"position":1},"title":"CBE holding the line on new import rules","author":"enterpriseam admin","date":"16 February 2022","format":false,"excerpt":"The Central Bank of Egypt (CBE) is not about to reverse its decision requiring importers to get letters of credit (L\/Cs) for their purchases, CBE Governor Tarek Amer told the state-owned Middle East News Agency yesterday. Amer urged businesses to comply with the new requirements and \u201cnot waste time in\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\/214.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543777,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/we-have-more-details-on-the-cbes-new-import-rules\/","url_meta":{"origin":543835,"position":2},"title":"We have more details on the CBE\u2019s new import rules","author":"enterpriseam admin","date":"17 February 2022","format":false,"excerpt":"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\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":544473,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/cbe-issues-updates-to-its-l-cs-faq-sheet\/","url_meta":{"origin":543835,"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":543711,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/15\/importers-get-your-letters-of-credit-asap\/","url_meta":{"origin":543835,"position":4},"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":543897,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/23\/more-clarity-from-cbe-on-new-import-rules\/","url_meta":{"origin":543835,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543835","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=543835"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543835\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543829"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/543836"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543835"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543835"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}