The Central Bank of Egypt (CBE) has announced the cancellation of the letter of credit (LC) system as a requirement for imports.

The CBE said in a statement that it decided to restore the documentary collections system for imported goods. The decision to enforce the LCs system, effective since March 2022, had required Egyptian banks to accept only LCs for imports in a bid to curb dollar outflows from the country.

For more information, please see https://www.egypttoday.com/Article/3/121619/Egypt-s-central-bank-cancels-letter-of-credit-requirement-for