Egypt’s central bank limits import trading to L/Cs

According to a press release, the Central Bank of Egypt stopped dealing with documentary collection in all import processes, limiting trading activities only to letters of credit, with the exception of branches of foreign companies and its subsidiaries. Also, the bank permits documentary collection for cargoes that had been shipped before issuing this decision.

This decision came in accordance with the Egyptian cabinet’s directives to manage import activities and implement the pre-registration system that will become obligatory with the start of March 2022.