FINANCIAL NEWS

Egypt’s market suffer from foreign imports

27 Dec 2015

(MENAFN) Egypt suffers from an economic market saturated with foreign imports that are closing its local economic chance, as stated from Deputy Governor of the Central Bank of Egypt.

Moreover, the new rules that the CBE presented attempt to cut fraudulent import estimates and to reinforce the national economy by strengthening the competitiveness of local products.

Additionally, those instructions, specifying the parameters of the new procedure, command that only those imports where foreign financial institutions issue collection documents.

The CBE’s orders also include obliging banks to obtain a 100 pct cash margin on letters of credit, which supports the funding of supplies for commercial firms, instead of the 50 pct that was applied before.

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