The Federation of Egyptian Banks, the Central Bank’s decision, is a banking regulatory measure issued in line with the recent decisions of the Council of Ministers

محمد الاتربي Muhammad Al-Etrebi

Written by: Fathi Al-Sayeh and Iman Al-Wasili

A statement in which he said that the decision of the Central Bank is a banking regulatory procedure issued in line with the recent decisions of the Council of Ministers regarding the governance of import procedures and to complement the system of pre-registration of shipments, with the aim of improving The level of goods imported from abroad to protect the health and money of citizens, as well as the governance of the foreign trade system and the protection of industry patriotism and the preservation of the state’s sovereign resources.
The banks, starting from the date of this decision, deal with it in accordance with the determinants approved by the Central Bank in the implementation of import operations and work with documentary credits. With regard to goods previously shipped before the issuance of this decision, they are allowed to be dealt with through collection documents based on the customer’s request. Everyone has been excluded The foreign companies, as well as the subsidiaries of foreign companies, are exempted from that decision within the scope of the operations of

Import from the parent company and its groups only.

The Central Bank has directed All banks are about to implement the decision according to the following determinants: • The actual implementation will take place starting from 2022/2/

to accommodate the shipments that have been processed

before the issuance of this decision. All shipments received by express mail are excluded from the application of this decision. ) and shipments up to the amount of
US dollars or its equivalent in other currencies, in addition to medicines, serums and chemicals related to them and the following food commodities (tea – meat – poultry – Fish – wheat – oil – powdered milk – milk

Children Beans – lentils – butter – corn). As well as reducing all commissions for documentary credits in all banks to be like commissions

Collection documents. • Increasing the existing credit limits for customers and opening new limits for new customers, including

is proportional to the import volume of each customer. • Opening all required documentary credits from all clients upon their request. Banks receive customer inquiries and complaints in order to respond to them quickly and remove any obstacles.