What You Need to Know about Egypt’s New L/C Import Regulation
Description:
On 12th February 2022, the Central Bank of Egypt announced a new rule for Egyptian importers stating that they would need Letters of Credit to buy goods from March onwards and that they should stop dealing with collection documents during import operations, especially within the framework of the Cabinet’s directives regarding the activation of the ACI system and the governance of the import processes. This decision was taken to facilitate the import of goods into Egypt and improve the quality of products imported into the Egyptian market.