THE BUSINESS OF INTERNATIONAL TRADE
THE BUSINESS OF INTERNATIONAL TRADE
From 1 March 2022, Egypt requires all imports to be covered by a Bank Letter of Credit. The Central Bank of Egypt decided to stop dealing with collection documents in the implementation of all import operations and to work with a letter of credits.
The Central Bank’s decision excluded branches of foreign companies and their subsidiaries and allowed banks to accept collection documents received for goods that had already been shipped before the issuance of this decision.
The Central Bank stressed that these measures come within the framework of the governance of import operations and the activation of the system of pre-registration of shipments.
It’s important to remember that the true impact is on the bank documents (between supplier and importer). Once the documents have been processed through the bank, they should be sent directly for clearance. Share:
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