The Leading Ship, Yacht and Offshore Agency in Egypt Since 1983

The Leading Ship, Yacht and Offshore Agency in Egypt Since 1983

KADMAR Circular No. 7/2022 – Instructions of The CABINET – Working with Documentary Credits Only – Compulsory from The Beginning of March 2022

KADMAR Circular No. 7/2022 – Instructions of The CABINET – Working with Documentary Credits Only – Compulsory from The Beginning of March 2022

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Please find below free translation of the attached official letter received from the Central Bank of Egypt.

QTE

Central Bank of Egypt

Deputy Governor

After greetings,

Within the framework of the instructions of the CABINET regarding controlling the import process and activating the pre-registration system for shipments, which will be applied compulsorily from the beginning of March 2022.

It was decided to stop dealing with collection documents in carrying out all import process and working with documentary credits only, as mentioned date.

With the exception of branches of foreign companies and their subsidiaries, and allowing banks to accept collection documents received for goods that were already shipped before the issuance of this decision.

Please kindly take the necessary action to do the abovementioned.

Yours sincerely,

Thank you

Gamal Negm

UNQTE

Please be guided accordingly.

Best Regards

Kadmar Shipping

Central Bank of Egypt

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