CAIRO - 20 September 2022: The Central Bank of Egypt (CBE) issued new instructions to facilitate import operations, as well as other instructions it had previously issued, after a meeting of the Deputy Governor of the Central Bank, Gamal Negm, with manufacturers. These instructions included the release of imported shipments that worth up to $25,000 to importers once every 6 months, while shipments with a value exceeding $25,000 are released using Form 4. “Accepting the proceeds of companies' cash deposits in foreign currencies resulting from export operations with neighboring countries "Libya - Syria - Sudan - Palestine - Iraq - Yemen",” the instructions revealed. In addition to using it in the implementation of import operations, taking into account the proportion of the value of deposits with the volume and nature of the customer's usual activity and the value of the documents indicating the export operation. However, the decision is still applied since the date of its issuance, with the exception of some strategic commodities from documentary credits, including production requirements and raw materials.

Source: Libya Today September 20, 2022 17:02 UTC