The Central Bank of Egypt (CBE) made changes Monday to import controls that were issued on 21 December 2015.
According to CBE’s instructions, a new term was added to these controls to exclude all goods imported by air freight, software programmes, applications, computers, and their accessories.
CBE excluded these goods from import controls to ensure they would be imported through collection documents that come directly to banks operating through foreign banks in Egypt. It will not go through collection documents that come directly to customers.
The exception is ongoing for all other items coming to foreign companies’ branches or affiliates from abroad including birds, live animals, production materials and components, and spare parts for factories coming through air freight.
As for import operations conducted through late unconfirmed shipping documents , basic commodities and products are excluded from the 100% cash coverage.
These commodities include basic food and ration commodities, milk powder, baby milk, machinery, production equipment, spare parts, intermediary goods, production inputs, raw materials, equipment, devices, medical supplies, software, applications, computers and their accessories, in addition to medicines, vaccines and their chemicals.