Egypt’s central bank cancels letters of credit requirement for imports

Egypt’s central bank on Thursday cancelled a February 2022 circular requiring the use of letters of credit for imports, one of several requirements by the International Monetary Fund for a $3 billion support package approved this month.

The government will now allow direct payment instead, the statement said.

“It has been decided to cancel the letter … issued on February 13, 2022, and to allow acceptance of documentary collection to carry out all import operations,” the central bank said in a statement on its website.

Tags: letters of credit, direct payment, Egypt, imports, International Monetary Fund, Central Bank