{"id":548878,"date":"2022-08-25T04:00:15","date_gmt":"2022-08-25T04:00:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/is-the-central-bank-about-to-ease-import-restrictions\/"},"modified":"2022-08-25T04:00:15","modified_gmt":"2022-08-25T04:00:15","slug":"is-the-central-bank-about-to-ease-import-restrictions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/is-the-central-bank-about-to-ease-import-restrictions\/","title":{"rendered":"Is the central bank about to ease import restrictions?"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Meetings held yesterday by Central Bank Governor Hassan Abdalla and key <\/strong><strong>cabinet members have stoked expectations in some corners that they may be looking for ways to ease import restrictions<\/strong> that have hobbled everyone from manufacturers to retailers. The restrictions have been in place since spring as the nation has struggled with a shortage of foreign currency. Business leaders we spoke with yesterday are hopeful that Abdalla could review import <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">rules brought in<\/a> by his predecessor Tarek Amer in March \u2014 and they would very much like to be invited to a sit-down with the new CBE boss, who has now been on the job for just one week.<\/p>\n<p><strong>What\u2019s prompting the optimism? <\/strong>Four data points \u2014 and a healthy dose of wishful thinking:<\/p>\n<ul>\n<li><strong>Abdalla <\/strong><strong><a href=\"https:\/\/bit.ly\/3AG6FIi\">met yesterday<\/a><\/strong><strong> with senior figures in the banking community<\/strong> and has reportedly named as advisors two veteran bankers, including our friend Hisham Ezz Al Arab and Mohamed Naguib. Naturally enough, the FX crunch was a feature of the talks.<\/li>\n<li><strong>Reading a lot into a government statement: <\/strong>Newly-appointed Trade and Industry Minister Ahmed Samir <a href=\"https:\/\/bit.ly\/3chxfOq\">told<\/a> Prime Minister Moustafa Madbouly yesterday that officials are working on measures to expedite the import of raw materials and spare parts via documentary collection rather than L\/Cs.<\/li>\n<li><strong>The usual workings of government: <\/strong>Ala Mas\u2019ouleety\u2019s Ahmed Moussa, whose rehabilitation as a source of information on government policy is nothing less than remarkable, said last night (<a href=\"https:\/\/www.youtube.com\/watch?v=ZOaVmMwORdw\">watch, runtime: 3:21<\/a>) that Abdalla, Samir and Finance Minister Mohamed Maait have been talking about how to facility the release of goods stuck in customs warehouses thanks to the restrictions.<\/li>\n<li><strong>An unconfirmed report in <\/strong><strong><a href=\"https:\/\/www.asharqbusiness.com\/article\/41001\">Bloomberg Asharq<\/a><\/strong>, which says the central bank has asked banks to provide it with estimates of their manufacturing clients\u2019 hard currency needs through the end of the current fiscal year in June 2023.<\/li>\n<\/ul>\n<p><strong>What\u2019s the business community hoping for? <\/strong>Speculation among importers and others we spoke with is that the inventory-taking Bloomberg Asharq reported could pave the way for the CBE to loosen rules requiring importers <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">to use (L\/Cs)<\/a> to purchase non-essential goods, instead of the previous system of documentary collection \u2014 a move that has made it almost impossible for companies to import goods in a number of sectors.<\/p>\n<p><strong>Why you should keep your expectations in check:<\/strong><\/p>\n<ul>\n<li>Abdalla\u2019s appointment of Ezz Al Arab and Naguib as advisors was classy and brings trusted private-sector players into the loop \u2014 but it\u2019s one move in a long game of chess, not a sign that a solution to import restrictions is imminent.<\/li>\n<li>Many importers have since May been able to use documentary collection to bring in production inputs and spare parts, when they <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab68cacf-c20e-42a2-ac2d-702444d802ba\">got an exemption to the L\/C<\/a> rules. Samir\u2019s advocacy for importers is an important sign he gets the nature of the problem, but it won\u2019t make greenbacks appear overnight.<\/li>\n<li>Cabinet officials have been talking about the FX crunch <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab68cacf-c20e-42a2-ac2d-702444d802ba\">directly with the central bank<\/a> since May.<\/li>\n<li>As the regulator, the CBE already has the data it needs to estimate run rates through next year.<\/li>\n<\/ul>\n<p><strong>Oh, and there\u2019s the small matter of where the greenbacks would come from when \/ if <\/strong><strong>restrictions are eased. <\/strong>Solving the FX crisis is at the top of Abdalla\u2019s agenda \u2014 we think it\u2019s highly unlikely he would do anything more than ease restrictions for a very limited subset of critical imports until he knows where he\u2019s getting firepower from \u2014 whether that\u2019s more FDI from our allies in the Gulf, a fresh IMF loan, or both \u2014 as part of a wider plan to let the currency ease against the USD.<\/p>\n<p><strong>What are importers hoping for? <\/strong><\/p>\n<ul>\n<li><strong>They want a sit-down with Abdalla<\/strong>, Mohamed Rostom, first secretary at FEDCOC\u2019s importers division, told us.<\/li>\n<li><strong>They want to widen the number of industries that can use the documentary <\/strong><strong>collection exemption<\/strong> for the import of raw materials and spare parts. \u201cAll raw materials required in industries should be exempted from L\/Cs , including industrial equipment and others,\u201d Mohamed El Bahi, a spokesperson for the Federation of Egyptian Chambers of Commerce (FEDCOC), told us. Not all industries have been able to access the exemption, importers confirmed to Enterprise.<\/li>\n<li><strong>They would like consumer goods to be exempt from the L\/C requirement, too<\/strong>, according to Rostom, who said: \u201cStocks of consumer goods are diminishing amid continued supply hurdles and a loss of confidence by foreign suppliers in local firms because of blurry payment mechanisms,\u201d he said.<\/li>\n<li><strong>And they want to be able to source FX from foreign exchange bureaus<\/strong> given the challenges they have sourcing greenbacks from banks, FEDCOC officials said. (Wait \u2026 haven\u2019t we been down that road before?)<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>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. The restrictions have been in place since spring as the nation has struggled with a shortage of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":548879,"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":[7206],"tags":[271,104,72,2276,100],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548878","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-central-bank-of-egypt","tag-economy","tag-enterpriseam","tag-hassan-abdalla","tag-policy","wpautop","entry"],"acf":{"mongo_id":"f87bd35b-2c1a-4286-a5ab-628ba462b0c7","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/8\/387.jpg","photo_position":"above","related_issue":[548874],"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>Is the central bank about to ease import restrictions? - 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\/08\/25\/is-the-central-bank-about-to-ease-import-restrictions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is the central bank about to ease import restrictions?\" \/>\n<meta property=\"og:description\" content=\"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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