CBE Extends Exemption for 3 Food Commodities from Liability Coverage

The Central Bank of Egypt (CBE) decided to extend the exemption for 3 food commodities, namely: rice, beans and lentils, from a liability coverage of up to 100% on import operations for trade purposes until mid-March 2022.

The Central Bank said, in a statement on Tuesday, that in light of following up on the needs of the Egyptian market and keenness to facilitate import procedures to meet the needs of citizens, it has been decided to extend the grace period referred to excluding rice, lentils and beans from the cash cover by 100% for another year ending on March 15, 2022 .

CBE added that the decision applies to all import operations of all companies, taking into account the credit study that each bank conducts.

The bank issued a periodic book on March 16, 2020, in which it allowed banks to exclude rice, beans and lentils from the cash cover of 100% on import operations for trade purposes, which started on March 15.