Egypt: Egyptian Further Increases the Cost of Imports as Central Bank Regulations Limit Payment Options for Incoming Goods
Alongside other measures intended to restrict the outflow of foreign exchange, in late December 2015, the Egyptian Central Bank issued the first of a number of policy statements reflecting changes that restrict the transfer of funds abroad to pay for imported goods. Under the new policies, for imports, no matter the source, fund transfers must be made using a letter of credit and any required export documentation must be transmitted directly from the exporter’s bank to the Egyptian bank. Other payment terms or methods of document transmittal will not be accepted by the Egyptian authorities.
