Economy

The Tenth of Ramadan Investors Association holds a meeting with the Federation of Egyptian Banks to discuss the documentary credits decision

Books: Fathi Al-Sayeh

He met a number of the Board of Directors of the Tenth Investors Association From Ramadan, headed by Dr. Samir Aref and his deputy, Dr. Walid Hilal, with the leaders of the Federation of Egyptian Banks headed by Mohamed El-Etreby, President of Banque Misr and President of the Federation of Banks, to discuss the recent decision of the Central Bank to stop dealing with collection documents in the implementation of all import operations and work with documentary credits.

4885 Dr. Samir Aref, Chairman of the Board of Directors of the Tenth Investors Association, thanked the Governor of the Central Bank, Tariq Amer, for the speedy response to holding this meeting during

An hour in the presence of the leaders of the industrial community with the leaders of the Federation of Egyptian Banks and in the presence of a number of heads of banks “Al-Ahly, Egypt and Al-Masry for Export Development, the Suez Canal and QNB Bank”.

The banking leadership said to the investors during the meeting that the goal of the decision to open documentary credits is to govern and control the import process, as they pledged to the investors not to increase the cost Maintaining the facilities of suppliers and facilitating the import of spare parts without opening a documentary credit and excluding strategic goods. The tenth of Ramadan, with the necessity of excluding all production inputs for the industry in terms of raw materials, equipment and spare parts, and the necessity of shortening the time and obligating the executive bodies of employees in all regions and ports to facilitate investor services and speed up procedures.

During the meeting of the Board of Directors of the Investors Association held yesterday evening, Monday, the Board of Directors valued the package of previous banking decisions issued by the Central Bank, which had a direct impact in supporting the industry, especially during the period of political turmoil that the country was exposed to in the wake of The Corona pandemic, which saved factories from stopping. With documentary credits only, it will negatively affect the Egyptian industry in particular and the Egyptian economy in general for a number of reasons, the most important of which are directly affecting the supply of the industry. Its output comes from production requirements, intermediate goods, and spare parts, which is reflected in the volume of production and the provision of goods in the markets, and consequently the increase in their prices for the producer and the consumer.

In addition to the negative impact on the confidence of the foreign investor in the Egyptian industry, as it sends a message that there is a defect in the provision of foreign currencies, which necessitated the issuance of this decision, in addition to the direct impact on the supply of some strategic sectors such as medicines, food, baby formula and small shipments with urgent supply orders by air freight without the need for Opening documentary credits.

During the meeting, the investors presented a number of other demands that were convinced by the attending bank heads and submitted them to the Central Bank for the existence of a solution It satisfies the investors, especially the national industrialists.