Egypt to implement new import rules in March

Egypt’s central bank governor has said new rules requiring importers to use letters of credit will be implemented in March despite complaints from business groups and traders that the measure could inflate their costs.

Tarek Amer urged businessmen to “reconcile their situations and not waste time in controversies that have no relation to the stability of Egypt’s foreign trade and its sound performance,” according to a statement carried by state news agency MENA.
The statement followed instructions from the central bank that were circulated by traders and reported by local media instructing banks to only accept letters of credit from importers.