{"id":544473,"date":"2022-03-06T03:35:12","date_gmt":"2022-03-06T03:35:12","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/cbe-issues-updates-to-its-l-cs-faq-sheet\/"},"modified":"2022-03-06T03:35:12","modified_gmt":"2022-03-06T03:35:12","slug":"cbe-issues-updates-to-its-l-cs-faq-sheet","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/cbe-issues-updates-to-its-l-cs-faq-sheet\/","title":{"rendered":"CBE issues updates to its L\/Cs FAQ sheet"},"content":{"rendered":"

<\/a> CBE issues updates clarifying new import rules:<\/strong> The central bank on Thursday issued updates (pdf)<\/a> to its responses to importers\u2019 questions<\/a> about new rules requiring them to get letters of credit (L\/Cs) for their purchases.<\/p>\n

What new rules? <\/strong>As of the beginning of March, banks have stopped documentary collection as part of the import cycle after the CBE instructed banks<\/a> to only accept letters of credit. The central bank has in recent weeks announced moves to ease the transition<\/a> after pushback<\/a> 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

The updates<\/strong> include clarification on downpayments to foreign sellers: <\/strong>The CBE will continue to allow importers to send downpayments on shipments to foreign suppliers through banks, if that was their previous arrangement. However, importers will also need to open an L\/C for the remaining amount owed to foreign sellers.<\/p>\n

And on the status of freezone companies: <\/strong>Any trade between the local market and freezones \u2014 whether in EGP or foreign currency \u2014 need to be done using L\/Cs but transactions between freezones and overseas companies do not.<\/p>\n

L\/Cs aren\u2019t necessary for some types of cross-border trade: <\/strong>Cross-border trade conducted by companies who are already exempt from filing certain CBE import paperwork \u2014 like firms in special economic zones and oil companies \u2014 is exempt from the new rules, according to the CBE. All other forms of trade by these companies will require L\/Cs.<\/p>\n

BACKGROUND- <\/strong>The CBE had previously announced exemptions for temporary imports and imports for re-export, 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","protected":false},"excerpt":{"rendered":"

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 of the import cycle […]<\/p>\n","protected":false},"author":1,"featured_media":544474,"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":[72,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trade","tag-enterpriseam","tag-trade","wpautop","entry"],"acf":{"mongo_id":"b210d399-9901-46bd-ba7e-5731232f22c8","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/3\/57.jpg","photo_position":"above","related_issue":[544461],"teaser":"","voice_url":""},"yoast_head":"\nCBE issues updates to its L\/Cs FAQ sheet - 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\/03\/06\/cbe-issues-updates-to-its-l-cs-faq-sheet\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBE issues updates to its L\/Cs FAQ sheet\" \/>\n<meta property=\"og:description\" content=\"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. 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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":[]},{"id":543897,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/23\/more-clarity-from-cbe-on-new-import-rules\/","url_meta":{"origin":544473,"position":1},"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":543777,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/we-have-more-details-on-the-cbes-new-import-rules\/","url_meta":{"origin":544473,"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":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":544473,"position":3},"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":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":544473,"position":4},"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":546297,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/manufacturers-get-a-break-with-exemption-from-l-c-requirements-for-some-imports-cbe-will-meet-with-some-importers-to-make-sure-they-have-access-to-fx\/","url_meta":{"origin":544473,"position":5},"title":"Manufacturers get a break with exemption from L\/C requirements for some imports; CBE will meet with some importers to make sure they have access to FX","author":"enterpriseam admin","date":"11 May 2022","format":false,"excerpt":"Production inputs and raw materials will be exempt from CBE rules handed down inFebruary that has required the vast majority of importers to use letters of credit (L\/Cs) to cover imports, the presidency announced yesterday in a statement. Under the decision, businesses will be permitted to use documentary collection to\u2026","rel":"","context":"In "Manufacturing"","block_context":{"text":"Manufacturing","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/manufacturing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/132.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\/544473","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=544473"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544473\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544461"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/544474"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544473"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544473"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544473"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}