CBE may ease import restrictions on non-essential goods soon
Updated 8/21/2024 8:22:00 AM
Arab Finance: The Central Bank of Egypt (CBE) may soon ease import restrictions on non-essential goods, according to Asharq Business, which cited eight anonymous bankers.
The CBE recently asked local banks to provide data on requests for letters of credit (LCs) for 13 non-essential commodities.
The list includes fully manufactured cars, mobile phones and accessories, food plants and seeds, fresh fruits, cocoa, jewelry and pearls, televisions and electronics, ready-made clothes, children's toys, used tires, furniture and furnishings, and heavy equipment.
Bankers interpret this as a sign that the CBE could lift the current requirement for central bank approval on LCs for these goods.
This potential shift is believed to be driven by the country's increasing foreign currency supply.
The CBE initially imposed these restrictions in March 2022, limiting credit lines for specific commodities unless approved by the central bank.
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