{"id":543897,"date":"2022-02-23T03:52:07","date_gmt":"2022-02-23T03:52:07","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/23\/more-clarity-from-cbe-on-new-import-rules\/"},"modified":"2022-02-23T03:52:07","modified_gmt":"2022-02-23T03:52:07","slug":"more-clarity-from-cbe-on-new-import-rules","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/23\/more-clarity-from-cbe-on-new-import-rules\/","title":{"rendered":"More clarity from CBE on new import rules"},"content":{"rendered":"

<\/a> The Central Bank of Egypt has responded in a document to queries from <\/strong>importers on its recently <\/strong>issued<\/a><\/strong> rules requiring them to get letters of credit<\/strong> (L\/Cs) for their purchases instead of the common practice of documentary collection, Hapi Journal<\/a> reports, picking up a story from state news agency MENA.<\/p>\n

Temporary imports and imports for re-export are exempt from the new rules<\/strong>, the CBE clarified. The CBE last week<\/a> gave exemptions to imports by foreign companies, those made via express shipment, imports of goods worth up to USD 5k, and a raft of commodity and pharma imports.<\/p>\n

But imports by freezone companies are not exempt: <\/strong>Freezone companies will not be treated as if they are located outside of Egypt for the purposes of the new rule \u2014 that is to say, purchases conducted in EGP between companies in free zones and local firms will not require L\/Cs, whereas imports to freezone companies from abroad conducted in foreign currencies will.<\/p>\n

Also: <\/strong>Standby letters of credit \u2014 which act more like guarantees on the importer\u2019s purchase in the event that they fail to meet contractual obligations \u2014 can be issued by banks but will be reviewed on a case-by-case basis by the CBE.<\/p>\n

Need a refresher?<\/strong> As of yesterday<\/a>, banks can only accept L\/Cs to facilitate the purchase of imports and will no longer accept documentary collection. The central bank has announced several measures<\/a> to facilitate the move, which has drew criticism from trade and industry organizations, who said it could drive up the price of goods in the local market and hurt the competitiveness of Egyptian exports.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 imports and imports for […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[271,72,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543897","post","type-post","status-publish","format-standard","hentry","category-trade","tag-central-bank-of-egypt","tag-enterpriseam","tag-trade","wpautop","entry"],"acf":{"mongo_id":"3d8f2db6-5595-4107-bba0-f31b1775ea45","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[543889],"teaser":"","voice_url":""},"yoast_head":"\nMore clarity from CBE on new import rules - 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\/23\/more-clarity-from-cbe-on-new-import-rules\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More clarity from CBE on new import rules\" \/>\n<meta property=\"og:description\" content=\"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. 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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":544632,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/14\/fresh-exemptions-from-filing-l-cs-for-some-imports-central-bank-exempts-some-foodstuffs-from-cash-cover-for-another-year\/","url_meta":{"origin":543897,"position":1},"title":"Fresh exemptions from filing L\/Cs for some imports + central bank exempts some foodstuffs from cash cover for another year","author":"enterpriseam admin","date":"14 March 2022","format":false,"excerpt":"No L\/Cs required for operational imports: Some goods imported by companies and organizations for their own use \u2014 as opposed to for resale or as raw materials for manufacturing, for example \u2014 will be exempted from filing certain customs forms with banks, including letters of credit (L\/Cs), the Central Bank\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\/165.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":543897,"position":2},"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":543777,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/we-have-more-details-on-the-cbes-new-import-rules\/","url_meta":{"origin":543897,"position":3},"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":543791,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/last-nights-talk-shows-more-imports-paperwork-talk\/","url_meta":{"origin":543897,"position":4},"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. 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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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543897","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=543897"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543897\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543889"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543897"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543897"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543897"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543897"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543897"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}