{"id":307692,"date":"2022-02-22T09:42:03","date_gmt":"2022-02-22T12:42:03","guid":{"rendered":"https:\/\/anba.com.br\/?p=307692"},"modified":"2022-02-23T11:43:55","modified_gmt":"2022-02-23T14:43:55","slug":"central-bank-of-egypt-launches-new-initiative-for-imports","status":"publish","type":"post","link":"https:\/\/anba.com.br\/en\/central-bank-of-egypt-launches-new-initiative-for-imports\/","title":{"rendered":"Central Bank of Egypt launches new initiative for imports"},"content":{"rendered":"<p>Cairo \u2013 The <strong>Central Bank of Egypt<\/strong> (<em>pictured<\/em>) issued a new initiative to guarantee import operations through covering risks associated with issuing <strong>letters of credit<\/strong> (L\/Cs) from banks. In a letter to banks, the institution said the initiative targets clients who have history of importing goods through documentary collection from the same bank.<\/p>\n<p>The Central Bank clarified that the credit risk guarantee company will guarantee the bank\u2019s portfolio under this initiative by 100% for the part which is not covered by these credits. Banks will be exempted from the guarantee commission for 6 months starting from the date of activating the initiative provided that the company provides the banks with the determinants and framework of working with this initiative.<\/p>\n<p>The CBE said the new initiative runs in line with the new regulations issued on February 13 to regulate <strong>imports<\/strong> through L\/Cs instructing banks to only accept letters of credit from importers.<\/p>\n<p><em>Here\u2019s more on this:<\/em><\/p>\n<ul>\n<li><a href=\"https:\/\/anba.com.br\/en\/egyptian-central-bank-imposes-restrictions-on-imports\/\">Egyptian Central Bank imposes restrictions on imports<\/a><\/li>\n<\/ul>\n<p>A group of trade and business associations had complained in a letter to the prime minister on Monday that the new rules could exacerbate supply chain problems, damage competitiveness and delay import shipments. The Central Bank of <strong>Egypt<\/strong> also decided to exclude medicines, serums, chemicals and food commodities (tea, meat, poultry, fish, wheat, oil, powdered milk, baby milk, beans, lentils, butter, corn) from the new import regulations.<\/p>\n<p><strong>Translated by Guilherme Miranda<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The institution issued an initiative to guarantee import operations through covering risks associated with issuing letters of credit.<\/p>\n","protected":false},"author":2339,"featured_media":307658,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[91],"tags":[9803,10047,17901,28727,28726,28725,28724,26714,27123],"class_list":{"0":"post-307692","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-egypt-en","9":"tag-central-bank-of-egypt","10":"tag-egito-en","11":"tag-egypt-imports-rule","12":"tag-import-egypt","13":"tag-imports-egypt","14":"tag-letters-of-credit","15":"tag--en"},"wps_subtitle":"The institution issued an initiative to guarantee import operations through covering risks associated with issuing letters of credit.","_links":{"self":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/307692","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/users\/2339"}],"replies":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/comments?post=307692"}],"version-history":[{"count":0,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/307692\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media\/307658"}],"wp:attachment":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media?parent=307692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/categories?post=307692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/tags?post=307692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}