We have been informed today (3 May 2018) that the Central Bank of Egypt has cancelled the regulations regarding bank to bank transfer of export documentation, as per the PDF attachment.
The following regulation has been cancelled. “Import transactions concluded under documentary collections, the conclusion of those transactions shall take place only via documentary collections directly received by the banks from banks existing abroad, provided that the documentary collections directly incoming into clients’ accounts shall not be accepted.”
it has been decided that it is acceptable for trade documents to be sent directly to clients rather than through the bank in the Exporter’s country to the Egyptian bank. This applies to all exported products.
For more information, please contact Madalina Iamandei at the Egyptian-Chamber of Commerce on 020 7499 3100 or email [email protected]
