CBE tight­ens im­port con­trols In

Business monthly (Egypt) - - IN BRIEF -

a move aimed at strength­en­ing the na­tional econ­omy and pro­mot­ing lo­cal prod­ucts, Cen­tral Bank Gov­er­nor Tarek Amer an­nounced new im­port con­trols in a Dec. 21 state­ment. The new rules, which took ef­fect Jan. 1, re­quire lo­cal banks to ob­tain im­port doc­u­ments di­rectly from their for­eign coun­ter­parts rather than their clients. Egyp­tian im­porters seek­ing let­ters of credit are- also re­quired to give banks a 100-per- cent cash de­posit rather than the cur­rent 50 per­cent. Im­porters, who say they are al­ready suf­fer­ing due to cur­rency con- trols in­tro­duced by Amer’s pre­de­ces- sor, have protested the new reg­u­la­tions. Ahmed Shiha, head of the Im­porters

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