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