CBE Excludes Specific Shipments from New Import Transactions Regulation

The Federation of Egyptian Banks announced the issuance of a directive from the Central Bank of Egypt (CBE), excluding all incoming express mail shipments and shipments up to $5,000 or its equivalent in foreign currencies from the new import transactions regulation.

CBE also decided to exclude both medicines, serums, chemicals and food commodities (tea, meat, poultry, fish, wheat, oil, powdered milk, baby milk, beans, lentils, butter, corn) from the new import regulations.

The central bank has decided 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.

Earlier, Tarek Amer, Governor of the Central Bank of Egypt (CBE) confirmed that Import regulation transactions rules, which has been announced, are irrevocable and no amendments will be made, stressing that Egyptian banks are ready to implement new procedures efficiently.

In remarks to the Middle East News Agency, Amer called on businessmen to speed up the regularization of their status and not waste time in controversy that has nothing to do with the stability of Egypt’s foreign trade and the safety of its performance.