{"id":549548,"date":"2022-09-21T04:00:04","date_gmt":"2022-09-21T04:00:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/foreign-currency-rules-for-imports-are-easing\/"},"modified":"2022-09-21T04:00:04","modified_gmt":"2022-09-21T04:00:04","slug":"foreign-currency-rules-for-imports-are-easing","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/foreign-currency-rules-for-imports-are-easing\/","title":{"rendered":"Foreign-currency rules for imports are easing"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Central bank eases FX rules for imports: <\/strong>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.<\/p>\n<p><strong>Among the key changes:<\/strong><\/p>\n<p><strong>#1- You should now be able to open letters of credit to pay for goods stuck at port:<\/strong> Companies will now be able to cover imports using <strong>foreign currency that they held in their domestic bank accounts as of 19 September<\/strong>. This will allow companies to open letters of credit (L\/Cs) (and, in some cases, to use documentary collection) to pay overseas suppliers and release goods that are stuck in customs.<\/p>\n<p><strong>#2- Parent companies with Egyptian subsidiaries can use FX balances:<\/strong> Parent companies can use foreign-currency deposits held as of 19 September to cover import costs for subsidiaries and vice versa.<\/p>\n<p><strong>#3- You\u2019re lucky if you export to neighboring countries:<\/strong> From now on, companies can use foreign-currency revenues made from exporting to neighboring countries to pay for imports, provided they meet certain reporting requirements on both shipments and transactions. The document lists Libya, Syria, Sudan, Iraq, Yemen and Palestine.<\/p>\n<p><strong>#4- You can transfer in FX and use it to cover imports:<\/strong> From now on, Importers can use foreign-currency transfers from overseas partners to cover imports. FX including remittances, dividends or the proceeds of capital increases may be used. Subsidiaries can use loans from parent companies on the condition that the facilities are provided for no less than 12 months and that it is documented in both companies\u2019 financial statements.<\/p>\n<p><strong>The rationale:<\/strong> The move is designed to undo some of the damage done by former central bank governor Tarek Amer\u2019s decision earlier this year to require importers to use L\/Cs to pay for goods. The move prevented businesses from accessing foreign-currency deposits, resulting in a pile-up at ports and causing shortages of industrial and consumer goods.<\/p>\n<p><strong>SOUND SMART- By setting clear channels through which businesses can get FX into their account to cover imports, the measures offer a bit of relief <\/strong>for everyone from manufacturers to distributors \u2014 but will still make it difficult for importers to source FX from outside the banking system. After spending years snuffing out the black market, policymakers are loath to see it return.<\/p>\n<p><strong>Reaction to the policy switch has been largely positive:<\/strong><\/p>\n<p><strong>The measures \u201cmend previous decisions [on imports] by the CBE<\/strong>, Ahmed El Zayat, a member of the Egyptian Businessmen Association, told CNBC Arabia (<a href=\"https:\/\/bit.ly\/3Bzr8xJ\">watch, runtime: 5:16<\/a>). \u201cRelying on L\/Cs for imports saw us facing hurdles and challenges, leading to a slowdown in shipments\u2019 release,\u201d he said.<\/p>\n<p><strong>Manufacturers will now have access to raw materials and components and will be able to ramp up production<\/strong>, Alaa Ezz, Secretary-General of Federation of Egyptian Chambers of Commerce (FEDCOC), told Kelma Akhira\u2019s Lamis El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=tlYev7i0fkY\">watch, runtime: 2:00<\/a>). The inflationary pressures caused by shortages will begin to abate, helping prices to stabilize, he said.<\/p>\n<p><strong>But more clarity is <\/strong><strong>needed:<\/strong> Matta Beshay, a member of FEDCOC\u2019s importers division, told Masaa DMC last night (<a href=\"https:\/\/www.youtube.com\/watch?v=SPlnXCN1lVo\">watch, runtime: 9:46<\/a>) that the central bank needs to provide more information on how importers will source foreign currency. \u201cAs importers, we want to have more clarity and want to know more about how the system would work,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 now be able [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":549549,"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-549548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trade","tag-central-bank-of-egypt","tag-enterpriseam","tag-trade","wpautop","entry"],"acf":{"mongo_id":"e2f88e93-0622-464e-ba6b-ea6289616074","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/9\/294.jpg","photo_position":"above","related_issue":[549544],"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>Foreign-currency rules for imports are easing - 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\/09\/21\/foreign-currency-rules-for-imports-are-easing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Foreign-currency rules for imports are easing\" \/>\n<meta property=\"og:description\" content=\"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. 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As of the beginning of March, banks have stopped documentary collection as part\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\/3\/57.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":619312,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/30\/fx-to-be-made-available-to-all-importers-starting-may-following-planned-central-bank-liquidity-injection\/","url_meta":{"origin":549548,"position":1},"title":"FX to be made available to all importers starting May following planned central bank liquidity injection","author":"enterpriseam admin","date":"30 April 2024","format":false,"excerpt":"Banks will issue USD letters of credit to importers at the start of June, a source told us","rel":"","context":"In &quot;FX WATCH&quot;","block_context":{"text":"FX WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/fx-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/2132.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549097,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/a-measure-of-relief-coming-for-importers\/","url_meta":{"origin":549548,"position":2},"title":"A measure of relief coming for importers?","author":"enterpriseam admin","date":"4 September 2022","format":false,"excerpt":"CBE, Trade Ministry mull fresh relief for importers: The Central Bank of Egypt and Trade and Industry Ministry could allow importers who are not able to retrieve a Form 4 customs document to pay six-month open letters of guarantee in exchange for the immediate release of their shipments, two unnamed\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/106.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":549548,"position":3},"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 &quot;Trade&quot;","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":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":549548,"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 &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\/3\/165.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576912,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/02\/some-imports-will-be-released-immediately-from-ports\/","url_meta":{"origin":549548,"position":5},"title":"Some imports will be released immediately from ports","author":"enterpriseam admin","date":"2 November 2022","format":false,"excerpt":"A small sigh of relief: The Trade and Industry Ministry will allow the immediate release of some goods imported for private use in a bid to reduce the clutter at ports, according to a ministry letter sent to the Customs Authority seen by Enterprise.The date matters: The ministry will exempt\u2026","rel":"","context":"In 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