The Central Bank of Egypt’s Decision Regarding Imports cycle
  • The Central Bank of Egypt’s Decision Regarding Imports cycle
  • 02 Mar 2022

The Central Bank of Egypt’s Decision Regarding Imports cycle

The Central Bank of Egypt (CBE) has decided on February 12th, 2022, to stop accepting documentary collections for all import operations and to work with documentary credits only. Thus, all transactions will take place between the importing bank and the exporting bank. No personal dealings will be recognized.

This decision will not be applied to branches of foreign companies and their subsidiaries as the CBE has exempted them, and also noted the acceptance of documentary collections for goods that were already shipped before this decision. In addition, the issuance of this decision came two weeks before the activation of the Advance Cargo Information (ACI) system for the pre-registration for imported shipments. It is a new customs system by Article number 39 from the Customs Law number 207, for the year 2020.

The objective of these decisions is the ability to follow and monitor importing cycle for the prevention of the entrance of anonymous goods of unknown origins and to quickly release reliably sourced goods at the same time.

The country also aims to transform all paper documents into electronic databases to facilitate the search for information and to keep up with the technological advances of E-commerce.