Egypt Import Policy Adjustment

Cancel the letter of credit system and resume collection.

On February 13, 2022, the Central Bank of Egypt announced that from March, Egyptian importers can only import goods using letters of credit, and instructed banks to stop processing exporters' collection documents.

This new regulation restricts Egyptian importers to payment only through letters of credit, which directly led to a backlog of a large number of imported goods at the port that could not be cleared.

According to news from the Pyramid Online website on October 25, Egyptian Prime Minister Madbouly said at the closing ceremony of the 2022 National Economic Conference that he will coordinate with the Central Bank of Egypt (CBE) to cancel the mandatory use of import letters of credit within two months.

The latest good news is that, according to the report of the Egyptian portal MASRAWY on December 29, the Central Bank of Egypt announced the cancellation of the documentary letter of credit system and resumed the collection of documents to process all import business.

For Egyptian customers who purchase SUNPASS products, SUNPASS will provide support in the payment channel. We support the payment methods of T/T, D/P and L/C.

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