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
