CBE Signs Cooperation Protocol to Automate Imports Data Instantly

The Central Bank of Egypt (CBE) signed a cooperation protocol with the Ministry of Finance, the Egyptian Banks Company (EBC), and the Egyptian Company for E-Commerce Technology regarding the integration between the single window platform and the network of Egyptian banks to exchange data and documents on import operations electronically.

According to a statement issued on Tuesday, the protocol comes in line with the state’s direction to implement the Advanced Cargo Information system; which aims to improve Egypt’s global index in the field of cross-border trade, and reduce the cost of imports by reducing the release time and accurately identifying the parties of the transaction according to the procedures that are followed to identify dealers.

The protocol will link the Egyptian banks within the unified window system of the Ministry of Finance through the establishment of an e-platform on the part of the Egyptian Banks Company for the purpose of receiving documents and data of shipments coming to Egypt electronically and showing them to the banks to complete the work cycle without waiting for the original documents, which contributes to the speedy completion of the import process and customs clearance, which will improve and raise the state’s index in foreign trade operations.

It aims to facilitate import operations and customs clearance procedures instead of the currently applied paperwork cycle that requires waiting for the origins of incoming shipments documents and data to complete customs release procedures, which also helps reduce the risks of not knowing the parties associated with the import process and verifying the specifications