The Central Bank of Egypt: Extending the exclusion of importing rice, beans, and lentils from the monetary cover until March 2024

Published 2023년 3월 15일

Tridge summary

The Central Bank of Egypt has extended the grace period for banks to exclude rice, beans, and lentils from the monetary cover for import operations by 100% until March 15, 2024. This decision aims to facilitate import procedures and meet the needs of the market. The credit study for each bank will determine which import operations will benefit from this cover. This extension builds on a series of similar decisions by the Central Bank, with the latest being dated March 10, 2022, which covered the period ending in March 2023.

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Original content

The Central Bank of Egypt decided to extend the grace period for banks, 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. And the bank stated - in a letter it sent to the banks today, 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. On December 21, 2015, the Central Bank issued a decision to control import ...

Source: Soutalomma