{"id":640170,"date":"2024-08-21T00:00:00","date_gmt":"2024-08-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/21\/cbe-expected-to-soon-lift-import-restrictions-on-non-essential-goods-following-fx-liquidity-uptick\/"},"modified":"2024-08-21T00:00:00","modified_gmt":"2024-08-21T00:00:00","slug":"cbe-expected-to-soon-lift-import-restrictions-on-non-essential-goods-following-fx-liquidity-uptick","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/21\/cbe-expected-to-soon-lift-import-restrictions-on-non-essential-goods-following-fx-liquidity-uptick\/","title":{"rendered":"CBE expected to soon lift import restrictions on non-essential goods following FX liquidity uptick"},"content":{"rendered":"

Import restrictions on non-essential goods could be on their way out: <\/strong>The Central Bank of Egypt has signaled that it could ease import restrictions on all non-essential goods after requesting banks to list import requests, Asharq Business<\/a> reports, citing eight anonymous bankers. The CBE on Sunday reportedly asked local banks for data on requests submitted for letters of credit (LCs) for 13 non-essential commodities, a move that bankers have interpreted as an indicator that it will soon end restrictions that currently require the central bank to approve any LCs to fund the import of these goods.<\/p>\n

But why now?<\/strong> Bankers believe the CBE\u2019s move was prompted by the country\u2019s growing supply of foreign currency. The uptick in FX liquidity following the USD 35 bn Ras El Hekma agreement<\/a> and float of the EGP<\/a> just following it in March has led to \u201can increase in the flows of foreign exchange resources in Egypt sufficient to finance import operations without restrictions, and without this process causing a financing gap,\u201d EGBank board member Mohamed Abdel Aal told the outlet.<\/p>\n

Remember: <\/strong>The central bank in March 2022 prohibited banks from issuing credit lines for a list of 13 commodities unless the importer had secured the central bank\u2019s approval. The commodities include fully assembled cars, mobile phones, food plants and seeds, fresh fruits, cocoa, jewelry, electric appliances, ready-made garments, furniture, and heavy equipment.<\/p>\n","protected":false},"excerpt":{"rendered":"

The CBE on Sunday asked local banks to categorize letters of credit for the 13 non-essential goods that require prior import approval<\/p>\n","protected":false},"author":1,"featured_media":640171,"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-640170","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":"9a7f2f81-002d-4529-958a-1987ca65a9a3","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/1842.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Central Bank of Egypt expected to soon lift import restrictions on non-essential goods following FX liquidity uptick","related_issue":[640158],"teaser":"The CBE on Sunday asked local banks to categorize letters of credit for the 13 non-essential goods that require prior import approval","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.241b9a29-0692-4e53-a47d-84b651be3829.mp3"},"yoast_head":"\nCBE expected to soon lift import restrictions on non-essential goods following FX liquidity uptick - 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\/2024\/08\/21\/cbe-expected-to-soon-lift-import-restrictions-on-non-essential-goods-following-fx-liquidity-uptick\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBE expected to soon lift import restrictions on non-essential goods following FX liquidity uptick\" \/>\n<meta property=\"og:description\" content=\"The CBE on Sunday asked local banks to categorize letters of credit for the 13 non-essential goods that require prior import approval\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/21\/cbe-expected-to-soon-lift-import-restrictions-on-non-essential-goods-following-fx-liquidity-uptick\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-21T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1842.jpg?fit=%2C&ssl=1\" \/>\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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/21\/cbe-expected-to-soon-lift-import-restrictions-on-non-essential-goods-following-fx-liquidity-uptick\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/21\/cbe-expected-to-soon-lift-import-restrictions-on-non-essential-goods-following-fx-liquidity-uptick\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"CBE expected to soon lift import restrictions on non-essential goods following FX liquidity uptick\",\"datePublished\":\"2024-08-21T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/21\/cbe-expected-to-soon-lift-import-restrictions-on-non-essential-goods-following-fx-liquidity-uptick\/\"},\"wordCount\":241,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/21\/cbe-expected-to-soon-lift-import-restrictions-on-non-essential-goods-following-fx-liquidity-uptick\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1842.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Central Bank of Egypt\",\"EnterpriseAM\",\"trade\"],\"articleSection\":[\"Trade\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/21\/cbe-expected-to-soon-lift-import-restrictions-on-non-essential-goods-following-fx-liquidity-uptick\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/21\/cbe-expected-to-soon-lift-import-restrictions-on-non-essential-goods-following-fx-liquidity-uptick\/\",\"name\":\"CBE expected to soon lift import restrictions on non-essential goods following FX liquidity uptick - 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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":543777,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/we-have-more-details-on-the-cbes-new-import-rules\/","url_meta":{"origin":640170,"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 "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":543897,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/23\/more-clarity-from-cbe-on-new-import-rules\/","url_meta":{"origin":640170,"position":2},"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":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":640170,"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":544473,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/cbe-issues-updates-to-its-l-cs-faq-sheet\/","url_meta":{"origin":640170,"position":4},"title":"CBE issues updates to its L\/Cs FAQ sheet","author":"enterpriseam admin","date":"6 March 2022","format":false,"excerpt":"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\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":548878,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/is-the-central-bank-about-to-ease-import-restrictions\/","url_meta":{"origin":640170,"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. The restrictions have been in place since spring as the nation has\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\/2022\/8\/387.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\/640170","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=640170"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/640170\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/640158"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/640171"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=640170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=640170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=640170"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=640170"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=640170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}