Letter of Credit for Exports to Egypt become Mandatory from 13.02.2022 – New Legislation in place!

The Central Bank of Egypt has instructed Egyptian banks to accept only Letters of Credit for the purchase of imports, as documentary collections will be withdrawn next month.

Industry groups in Egypt are lobbying the government to reverse the change which does not apply to all sectors, or to goods with a value of less than $5000. Branches of foreign companies and their subsidiaries are exempt, and banks are allowed to accept invoices for goods shipped before the change was announced on 13 February 2022.

Read this PDF for more information

The Chamber offers training in letters of credit – https://my.chamberelancs.co.uk/calendar_detail.html?eid=CA051CC4-8A43-4F44-8ECD-16B06689119B

We also provide a service in checking your letter of credit through to producing your documents –https://www.chamberelancs.co.uk/services/international-business/international-support/letters-of-credit/

For more news, click here.
Published On: May 11th, 2022
Egypt letters of credit