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Egypt: Payment processes made easier

The Central Bank of Egypt has decided to amend import regulations in two respects.

Payment rules in Egypt are being relaxed
Payment rules in Egypt are being relaxed

Firstly, North African state has made it easier to send documents. For example, in a circular dated 3 May 2018, the Central Bank of Egypt notes that invoices, transport documents or certificates of origin may be returned directly to Egyptian importers for collections or documentary credit.  This repeals a decree of 2015, according to which documents could only be sent between the exporter’s bank and the Egyptian importer in these cases.

The Central Bank has also decided to make things easier for SMEs who want to import basic foodstuffs for trading in Egypt. You no longer need make a cash deposit equal to 100 percent of the invoice value of the goods at the bank in advance. 

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