CBE Excludes Rice, Beans and Lentils from Imports Cash Cover

The Central Bank of Egypt (CBE) decided to extend the period allowing banks to exclude rice, beans and lentils from the cash cover by 100% on import operations for trade purposes for another year to end on March 15, 2023.

The central bank confirmed that this decision applies to the import operations of all companies, taking into account the credit study conducted by each bank.

CBE recently approved a decision to stop dealing with collectable receivables in the implementation of all import operations and only documentary credits, as of the beginning of March.

The bank’s resolution excluded branches of foreign companies and its subsidiaries for the decision, allowing banks to accept the collectable receivables of goods already been shipped before the issuance of this resolution.

The bank confirmed that this comes within the framework of the Cabinet’s directives regarding the governance of the import process and the activation of the system of pre-registration of shipments, which will be applied compulsorily as of the beginning of March 2022.