Business Today - Dec 2022 - Jan 2023 issue

News in Focus
to curb dollar outflows from the country.
The CBE’s spring decision to oblige banks to
deal with L/Cs was blamed for causing Egyptian
ports to be full of stranded goods worth
billions of dollars.
As a result, the Egyptian government was unable
to provide the dollars needed for import
operations during the past few months, which
led to the goods remaining in the ports, as importers
could not get them through the port
customs gates except after transferring the
value of imports to the exporter in addition to
paying the freight cost in foreign currencies.
Furthermore, the importers had to pay the
rent for the spaces their goods occupy in the
port, but these are paid in Egyptian pounds.
A Crisis Breakthrough
A periodic book issued by the CBE said that
it was decided to cancel the work of the periodic
book issued on February 13, 2022 and allow
the acceptance of collection documents to
carry out all import operations.
It explained that, with reference to the circular
issued on February 13 2022, it would stop
dealing with collection documents, and to only
work with L/Cs when carrying out import operations
and exceptions from the subsequent
decision, as well as the circular dated October
27, 2022, to increase the value of shipments
www.BusinessTodayEgypt.com January 2023
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