Egypt's central bank excludes rice, beans, lentils imports from cash cover

MENA , Thursday 7 Mar 2019

A file photo of the Central Bank of Egypt in Cairo (Photo: Ahram Arabic)

The Central Bank of Egypt (CBE) excluded imports of rice, beans and lentils from the 100 percent cash cover granted on import orders for one year.

In a statement, the bank said the exemption from full import payments in advance will continue until 15 March 2020.

The bank said the decision comes as part of efforts to secure the needs of the local Egyptian markets and facilitate import order procedures.

The decision is applicable to all import orders submitted by companies after taking into consideration the credit study conducted by each bank.

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