Business Today - Dec 2022 - Jan 2023 issue

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News in Focusexcluded from the decision referred to abovefrom $5,000 or the equivalent in other currenciesto $500,000 or the equivalent in other currencies.Cancellation of the L/CIn February, the Central Bank had decidedto stop dealing with collection documents inthe implementation of all import operationsand to only work with documentary credits, asof this date, with the exception of branches offoreign companies and their subsidiaries, andto allow banks to accept collection documentsreceived for goods that were already shippedbefore the issuance of this decision. This is togovern the import process and activate the preregistrationsystem for shipments.In October, the Monetary Policy Committee(MPC) of the Central Bank said that the bankwould gradually cancel the instructions issuedon February 13, 2022 regarding the use of theL/Cs in import financing operations until thecompletion of their full cancellation in December.The MPC stated that this is an incentive tosupport economic activity in the medium term,and the CBE will also work to build and developthe financial derivatives market with theaim of deepening the foreign exchange marketand raising liquidity levels in foreign currency.Egypt’s Prime Minister Mostafa Madbouliconfirmed at the beginning of December thatthe government, with all its agencies, is workingin harmony to solve the crises facing Egyptianindustries, stressing that in cooperation withthe Central Bank, they will finish the problemsof documentary credits within two months.He pointed out that the Central Bank raisedthe allowed number of shipments excludedfrom documentary credits from $5,000 to$500,000, which has created a breakthrough,but there is still a list of commodities that theyare working on gradually, and all problems ofdocumentary credits will be completed withintwo months.A Welcome DecisionDirector of the Cairo Center for EconomicStudies Abdel Moneim El-Sayed praised theCBE’s decision regarding the cancellation ofL/Cs, and the return of work with collectiondocuments to implement import operations.In a TV interview, El-Sayed explained thatthe cancellation of the documentary creditswas a requirement of all investors, especiallythe owners of factories and companies in theprevious period.24 January 2023www.BusinessTodayEgypt.com
www.BusinessTodayEgypt.com January 202325
Page 1: December 2022 - January 2023Vol 28
Page 4 and 5: Editor’s NoteWelcome 2023It’s t
Page 6 and 7: In This IssueVol. 28 No. 1 | Decemb
Page 8 and 9: In Brief EgyptEgypt among top 10 wo
Page 10 and 11: In Brief EgyptEgypt’s potato expo
Page 12 and 13: In Brief EgyptEgypt’s agricultura
Page 14 and 15: In Brief EgyptEgypt’s Central Ban
Page 16 and 17: In Brief EgyptEgypt’s sales of go
Page 18 and 19: In Brief EgyptCBE extends 2 initiat
Page 20 and 21: OpinionIt’s Time to Alleviatethe
Page 22 and 23: News in FocusLifting Restrictionson
Page 26 and 27: News in FocusHe added that there is
Page 28 and 29: ‘Garden Lakes’ Doors are Offici
Page 30 and 31: Face of BusinessRevolutionizingthe
Page 32 and 33: Face of BusinessWhat led to the dec
Page 34 and 35: Face of BusinessToday’s consumers
Page 36 and 37: Face of BusinessCreatingMeaningful
Page 38 and 39: Face of BusinessI believethat risk
Page 40 and 41: Face of BusinessCoca-Cola’s campa
Page 42 and 43: In-DepthPathways to MaintainEgypt
Page 44 and 45: In-DepthMilestonesAccording to the
Page 46 and 47: In-DepthAdopting StartupMentality a
Page 48 and 49: In-DepthWith technology lowering th
Page 50 and 51: In-DepthCoping with WaterScarcity:
Page 52 and 53: In-Depthtunnels in Sinai, 17 km eas
Page 54 and 55: In-DepthUnderstanding Barriersto Re
Page 56 and 57: In-Depththe positive ones are on sp
Page 58 and 59: SpotlightTaking NuclearMedicine toD
Page 60 and 61: SpotlightThe gamma irradiation unit
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Page 64 and 65: SpotlightWorld Economyto Undergo To
Page 66 and 67: SpotlightBy Noha El TawilIn the fir
Page 68 and 69: Spotlight2023, down from the projec
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BT SceneAllianz Egypt Supports “S
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Page 82:
Last Word““The War in Ukraine W
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Business Today - Dec 2022 - Jan 2023 issue

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