{"id":546297,"date":"2022-05-11T03:57:53","date_gmt":"2022-05-11T03:57:53","guid":{"rendered":"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\/"},"modified":"2022-05-11T03:57:53","modified_gmt":"2022-05-11T03:57:53","slug":"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","status":"publish","type":"post","link":"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\/","title":{"rendered":"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"},"content":{"rendered":"

Production inputs and raw materials will be exempt from <\/strong>CBE rules handed down in<\/a><\/strong>February<\/a><\/strong> that has required the vast majority of <\/strong>importers to use letters of credit (L\/Cs) to cover imports<\/strong>, the presidency announced yesterday in a statement<\/a>. Under the decision, businesses will be permitted to use documentary collection to speed the payment for imported goods.<\/p>\n

L\/Cs are more expensive<\/strong>, take more time than documentary collection, and tie up importers\u2019 capital.<\/p>\n

Part of the administration's response to tough economic conditions: <\/strong>The decision came after a meeting between President Abdel Fattah El Sisi and the cabinet economic group to discuss the Sisi administration\u2019s response to a very challenging macro environment. Egypt is feeling the squeeze from global economic headwinds (including turbocharged inflation and rising interest rates), supply chain disruptions, the collapse of our Ukrainian and Russian tourism markets, and rising grain prices.<\/p>\n

Getting greenbacks to those who need them:<\/strong> Separately, central bank officials will regularly meet with manufacturers<\/a> to assess whether they are able to access the hard currency they need to import production inputs, state-owned breaking news website Ahram Gate<\/a> reported after Prime Prime Minister Moustafa Madbouly met with CBE Governor Tarek Amer and other senior central bank officials.<\/p>\n

Manufacturers, wholesalers, and importers of production inputs will be exempt from the CBE\u2019s requirement to use letters of credit<\/strong>, Alaa Ezz, the secretary-general of the Federation of Egyptian Chambers of Commerce told Kelma Akhira\u2019s Lamees El Hadidi (watch, runtime: 3:10<\/a>). The government\u2019s priority is to keep factories open and operating, he said, with the decision mainly focused on imports of goods that cannot be locally sourced.<\/p>\n

Business leaders welcomed yesterday\u2019s decision: <\/strong>Leaders in several industries praised the decision and said it will improve the supply of goods in the country and guard against shortages. Food Export Council head and Edita CEO Hani Berzi<\/a>, Marie Louis<\/a>, chairwoman of the Apparel Export Council of Egypt (AECE), and the Federation of Egyptian Industries\u2019 (FEI) cigarettes division head Ibrahim Embaby<\/a> were among them.<\/p>\n

It\u2019s going to take time to unwind the backlog:<\/strong> The market will still time to move past \u201cthe negative repercussions of L\/Cs \u2026 it cannot be solved with the push of a button,\u201d Berzi said.<\/p>\n

Could the decision make a difference to inflation?<\/strong> Mohamed El Sewedy, the head of the Federation of Egyptian Industries (FEI), described the decision as a \u201cbreakthrough,\u201d telling El Hadidi that inflation could begin to ease in some areas of the economy (watch, runtime: 10:00<\/a>). Prices for both manufacturers and consumers have been pushed up by a shortage of commodities, he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 speed the payment for imported […]<\/p>\n","protected":false},"author":1,"featured_media":546298,"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":[7255],"tags":[96,72,1415,131,927,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546297","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-manufacturing","tag-abdel-fattah-el-sisi","tag-enterpriseam","tag-l-cs","tag-manufacturing","tag-tarek-amer","tag-trade","wpautop","entry"],"acf":{"mongo_id":"ab68cacf-c20e-42a2-ac2d-702444d802ba","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/132.jpg","photo_position":"above","related_issue":[546293],"teaser":"","voice_url":""},"yoast_head":"\nManufacturers 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 - 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\/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\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"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\" \/>\n<meta property=\"og:description\" content=\"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. 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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":543777,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/we-have-more-details-on-the-cbes-new-import-rules\/","url_meta":{"origin":546297,"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":578471,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/02\/importers-can-now-turn-the-page-on-l-cs\/","url_meta":{"origin":546297,"position":4},"title":"Importers can now turn the page on L\/Cs","author":"enterpriseam admin","date":"2 January 2023","format":false,"excerpt":"Moves on import curbs + privatization: Egyptian authorities removed import restrictions and approved the state ownership policy document on Thursday, helping fulfill pledges made to secure vital funds from the IMF. The government had committed to reducing state involvement in the economy and canceling the requirement for importers to use\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/4.jpg?fit=%2C&ssl=1&resize=350%2C200","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":546297,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546297","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=546297"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546297\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546293"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546298"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546297"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546297"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}