The Central Bank of Egypt (CBE) decided to extends excluding rice, beans and lentils from the monetary cover by 100% on import operations for trade purposes for a year, ending on March 15, 2024.
CBE stated - in a letter sent to the banks on Wednesday - that the decision comes in light of the follow-up processes for the needs of the market and its keenness to facilitate import procedures to meet the needs of citizens, explaining that the decision applies to all import operations for all companies, taking into account the credit study conducted by each bank.
In 2015, the central bank issued a decision to allow banks to exclude rice, beans and lentils from the cash cover at a rate of 100% on import operations for trade purposes for another year ending in March 2023.
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