{"id":545985,"date":"2022-04-19T03:33:43","date_gmt":"2022-04-19T03:33:43","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/19\/importers-are-still-pushing-back-on-the-cbes-new-l-c-system\/"},"modified":"2022-04-19T03:33:43","modified_gmt":"2022-04-19T03:33:43","slug":"importers-are-still-pushing-back-on-the-cbes-new-l-c-system","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/19\/importers-are-still-pushing-back-on-the-cbes-new-l-c-system\/","title":{"rendered":"Importers are still pushing back on the CBE\u2019s new L\/C system"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Leading industry figures are still pushing back on the CBE\u2019s requirement that importers <\/strong><strong>open L\/Cs: <\/strong>Legislators and industry reps are continuing to voice concern over the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">central bank\u2019s recent move<\/a> to require importers to get letters of credit (L\/Cs) for their purchases instead of the common practice of documentary collection, <a href=\"https:\/\/alborsaanews.com\/2022\/04\/18\/1531381\">Al Borsa<\/a> reports.<\/p>\n<p><strong>Full-court lobbying press in the works? <\/strong>House of Representatives Member Mohamed Gebril has asked to brief Prime Minister Moustafa Madouly and Finance Minister Mohamed Maait about revising the rules. Amr Fattouh, a member of the Egyptian Businessmen\u2019s Association\u2019s industry committee, called for the system to be scrapped for raw materials, agricultural, and industrial imports amid the war-induced supply turmoil. And Samir Aref, head of the Tenth of Ramadan Investors Association and a board member of the Egyptian Federation of Investors Associations, said the federation would soon meet with the CBE to discuss the repercussions of the new system and propose ways to restructure it.<\/p>\n<p><strong>IN OTHER IMPORT NEWS- Car companies want more time to comply with new import <\/strong><strong>requirements.<\/strong> The Automotive Division of the Cairo Chamber of Commerce will request a one-year grace period for car companies to comply with the Trade Ministry\u2019s recently-updated <a href=\"https:\/\/ent.news\/2022\/4\/Trade-Ministry-Car-import-requirements.pdf\">import regulations (pdf)<\/a> for passenger cars, which include safety and maintenance requirements. (<a href=\"https:\/\/ent.news\/2022\/4\/Automotive-Division-request-one-year-grace-period-for-new-import-requirements.pdf\">Statement, pdf<\/a>)<\/p>\n<p><strong>OTHER THINGS we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>EgyptAir <\/strong><strong>resumed flights yesterday to Benghazi after an eight-year <\/strong><strong>suspension<\/strong>, and is now operating a direct flight to the eastern Libyan city every day. (<a href=\"https:\/\/www.facebook.com\/126495567366618\/posts\/5697404773608975\/?d=n\">Statement<\/a>)<\/li>\n<li><strong>Industrial property developer CPC has opened its EGP 4 bn Sadat City <\/strong><strong>industrial complex<\/strong>, which will house companies in the building materials, chemicals, food, pharma, textiles, leather, timber, engineering, and electronics industries. (<a href=\"https:\/\/www.zawya.com\/en\/projects\/industry\/egypts-cpc-opens-sadat-city-industrial-complex-xbcf97oe\">Zawya<\/a>)<\/li>\n<li><strong>An Egyptian accountant working on the Ramadan mosalsal Betloo\u2019 El Rouh <\/strong><strong>has <\/strong><strong>reportedly <\/strong><strong>been kidnapped <\/strong>while filming in Lebanon. (<a href=\"https:\/\/twitter.com\/CedarsArt\/status\/1515432755705917442?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1515432755705917442%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fenglish.ahram.org.eg%2FNewsContent%2F5%2F159%2F464825%2FArts--Culture%2FEntertainment%2FEgyptian-crewmember-kidnapped-in-Lebanon-during-B.aspx\">Tweet<\/a>)<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Leading industry figures are still pushing back on the CBE\u2019s requirement that importers open L\/Cs: Legislators and industry reps are continuing to voice concern over the central bank\u2019s recent move to require importers to get letters of credit (L\/Cs) for their purchases instead of the common practice of documentary collection, Al Borsa reports. Full-court lobbying [&hellip;]<\/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":[7209],"tags":[111,144,880,72,7115,7111,220,131,1755,132,234],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545985","post","type-post","status-publish","format-standard","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-automotive","tag-egyptair","tag-enterpriseam","tag-healthcare","tag-infrastructure","tag-libya","tag-manufacturing","tag-sadat-city-industrial-complex","tag-trade","tag-travel","wpautop","entry"],"acf":{"mongo_id":"e5a82293-8788-40a3-8c32-1f62af2500f4","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[545964],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Importers are still pushing back on the CBE\u2019s new L\/C system - 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\/04\/19\/importers-are-still-pushing-back-on-the-cbes-new-l-c-system\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Importers are still pushing back on the CBE\u2019s new L\/C system\" \/>\n<meta property=\"og:description\" content=\"Leading industry figures are still pushing back on the CBE\u2019s requirement that importers open L\/Cs: Legislators and industry reps are continuing to voice concern over the central bank\u2019s recent move to require importers to get letters of credit (L\/Cs) for their purchases instead of the common practice of documentary collection, Al Borsa reports. Full-court lobbying [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/19\/importers-are-still-pushing-back-on-the-cbes-new-l-c-system\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-19T03:33:43+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/19\/importers-are-still-pushing-back-on-the-cbes-new-l-c-system\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/19\/importers-are-still-pushing-back-on-the-cbes-new-l-c-system\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Importers are still pushing back on the CBE\u2019s new L\/C system\",\"datePublished\":\"2022-04-19T03:33:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/19\/importers-are-still-pushing-back-on-the-cbes-new-l-c-system\/\"},\"wordCount\":318,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"ALSO ON OUR RADAR\",\"automotive\",\"EgyptAir\",\"EnterpriseAM\",\"healthcare\",\"infrastructure\",\"Libya\",\"Manufacturing\",\"Sadat City industrial complex\",\"trade\",\"travel\"],\"articleSection\":[\"Also on our Radar\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/19\/importers-are-still-pushing-back-on-the-cbes-new-l-c-system\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/19\/importers-are-still-pushing-back-on-the-cbes-new-l-c-system\/\",\"name\":\"Importers are still pushing back on the CBE\u2019s new L\/C system - 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Head of the Egyptian Businessmen\u2019s Association Ali\u2026","rel":"","context":"In &quot;LAST NIGHT\u2019S TALK SHOWS&quot;","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":543777,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/we-have-more-details-on-the-cbes-new-import-rules\/","url_meta":{"origin":545985,"position":1},"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 &quot;Trade&quot;","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":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":545985,"position":2},"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 &quot;Manufacturing&quot;","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":[]},{"id":546950,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/more-trouble-ahead-for-importers-as-customs-exchange-rate-rises\/","url_meta":{"origin":545985,"position":3},"title":"More trouble ahead for importers as customs exchange rate rises","author":"enterpriseam admin","date":"2 June 2022","format":false,"excerpt":"Leading the airwaves yesterday: The Customs Authority\u2019s decision to hike the USD customs exchange rate to EGP 18.65 this month had everyone talking on the airwaves.Prepare for more inflation: Prices of imported products will rise 7-9% due to the decision, Emad El Qenawy, head of the importers division at the\u2026","rel":"","context":"In &quot;LAST NIGHT'S SHOWS&quot;","block_context":{"text":"LAST NIGHT'S SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-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":546137,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/28\/egypts-budget-deficit-narrowed-in-9m2021-2022-nothing-will-be-left-to-rot-in-port-over-an-l-c\/","url_meta":{"origin":545985,"position":4},"title":"Egypt\u2019s budget deficit narrowed in 9M2021-2022 + nothing will be left to rot in port over an L\/C","author":"enterpriseam admin","date":"28 April 2022","format":false,"excerpt":"Egypt\u2019s budget deficit narrowed to 4.9% of GDP in the first nine months of FY 2021-2022, from 5.4% in the same period last year, according to figures released yesterday by Ittihadiya. The government is forecasting the deficit to fall to 6.2% of GDP by the end of the current fiscal\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548878,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/is-the-central-bank-about-to-ease-import-restrictions\/","url_meta":{"origin":545985,"position":5},"title":"Is the central bank about to ease import restrictions?","author":"enterpriseam admin","date":"25 August 2022","format":false,"excerpt":"Meetings held yesterday by Central Bank Governor Hassan Abdalla and key cabinet members have stoked expectations in some corners that they may be looking for ways to ease import restrictions that have hobbled everyone from manufacturers to retailers. 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