Importers are still pushing back on the CBE’s new L/C system
Leading industry figures are still pushing back on the CBE’s requirement that importers open L/Cs: Legislators and industry reps are continuing to voice concern over the central bank’s recent move to require importers to get letters of credit (L/Cs) for their purchases instead of the common practice of documentary collection, Al Borsa reports.
Full-court lobbying press in the works? House of Representatives Member Mohamed Gebril has asked to brief Prime Minister Moustafa Madouly and Finance Minister Mohamed Maait about revising the rules. Amr Fattouh, a member of the Egyptian Businessmen’s Association’s industry committee, called for the system to be scrapped for raw materials, agricultural, and industrial imports amid the war-induced supply turmoil. And Samir Aref, head of the Tenth of Ramadan Investors Association and a board member of the Egyptian Federation of Investors Associations, said the federation would soon meet with the CBE to discuss the repercussions of the new system and propose ways to restructure it.
IN OTHER IMPORT NEWS- Car companies want more time to comply with new import requirements. The Automotive Division of the Cairo Chamber of Commerce will request a one-year grace period for car companies to comply with the Trade Ministry’s recently-updated import regulations (pdf) for passenger cars, which include safety and maintenance requirements. (Statement, pdf)
OTHER THINGS we’re keeping an eye on this morning:
- EgyptAir resumed flights yesterday to Benghazi after an eight-year suspension, and is now operating a direct flight to the eastern Libyan city every day. (Statement)
- Industrial property developer CPC has opened its EGP 4 bn Sadat City industrial complex, which will house companies in the building materials, chemicals, food, pharma, textiles, leather, timber, engineering, and electronics industries. (Zawya)
- An Egyptian accountant working on the Ramadan mosalsal Betloo’ El Rouh has reportedly been kidnapped while filming in Lebanon. (Tweet)