The Central Bank of Egypt raises LCs exception limit to $500,000

Doaa A.Moneim , Thursday 27 Oct 2022

The Central Bank of Egypt (CBE) has raised the exception limit of letters of credit (LCs) for imported shipments from $5,000 to $500,000 starting today, the bank announced on Thursday.

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The CBE announced on Thursday that it will begin the process of phasing out gradually a February decision that mandated the use of Letters of Credit (LCs) for import finance by December 2022.

The central bank also raised key interest rates by two percent (200 bps).

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