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-A /2022 Egypt lifts key restriction on imports

Kadmar Circular No. 7-A /2022 Egypt lifts key restriction on imports

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Reference to the previous circular issued on February 13, 2022, to stop dealing with collection documents in the implementation of all import operations and to work with documentary credits.

Kindly be informed the central bank of Egypt was announced to cancel the periodic book issued on February 13, 2022, and allow the acceptance of collection documents to implement all import operations.

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

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A statement issued by the Central Bank of Egypt:

With reference to the circular issued on February 13, 2022, to stop dealing with collection documents in the implementation of all import operations and to work with documentary credits only when carrying out import operations, and the exceptions from the subsequent decision, as well as the circular issued on October 27, 2022, to increase the value of shipments excluded from the above-mentioned decision.  Five thousand US dollars or the equivalent in other currencies to 500 thousand US dollars or the equivalent in other currencies.

And in light of what the Central Bank announced regarding the trend towards the gradual cancellation of these instructions until the completion of their complete cancellation in December 2022, it was decided to cancel the periodic book issued on February 13, 2022, and allow the acceptance of collection documents to implement all import operations.

Please kindly take the necessary action to do the above mentioned.

https://www.cbe.org.eg/ar/Pages/HighlightsPages/Regarding-conducting-import-transactions-through-IDCs.aspx

UNQTE

Please be guided accordingly.

Best Regards

Kadmar Shipping

202207A01

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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