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Central Bank of Egypt to phase out letters of credit for import finance by December 2022

Ahram Online , Thursday 27 Oct 2022

The Central Bank of Egypt (CBE) announced in a statement released on Thursday that it will begin a process of phasing out letters of credit (LCs) for import finance by December 2022.

Port Said port
File Photo: General view of Port Said port. Al-Ahram

 

The central bank also raised the key interest rates in an unscheduled meeting by two percent (200 bps) to reach 13.25 percent, 14.25 percent, 13.75 percent, and 13.57 percent for the overnight deposit rate, the overnight lending rate, the rate of the main operation, and the discount rate, respectively.

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