Introduction

Sources have revealed that several Egyptian banks are now assisting non-exporting companies in acquiring foreign exchange. This allows these companies to import manufacturing needs or fully manufactured goods from abroad.

Banks’ Requirements

The banks require these companies to provide them with a foreign currency similar to what the bank will provide later. Interestingly, the banks do not ask the companies about the source of the currency.

Impact on Goods Accumulation

This initiative has significantly reduced the accumulation of goods in ports, which had been a problem for several months.

Central Bank of Egypt Regulations

It is important to note that the Central Bank of Egypt has specific regulations regarding the opening of collection documents for imports. Typically, this requires payment of the supplies’ cost from export proceeds and disclosure of the currency source.