NOTE! EGYPT IMPORTS FROM MARCH FULL DEMAND FOR LETTER OF CREDIT PAYMENT!

             Note! Egypt imports from March full demand for letter of credit payment!

Egypt has recently made frequent "riot operations" in terms of imports - on October 1, 2021, its important new regulation on imports,

"Advanced Cargo Information (ACI) declaration" forecast cargo information regulations, officially came into effect,

requiring all imported goods in Egypt, consignees must first advance the local system to obtain the ACID number and provide it to the shipper;

Chinese exporters need to complete registration on the CargoX website. And cooperate with the customer to upload the necessary information.

The new regulations also limit that Egyptian importers can only pay through letters of credit, which is to facilitate the Egyptian

government to strengthen import supervision and reduce dependence on foreign exchange supply.

After the decision was announced, the Egyptian Chamber of Commerce, the Federation of Industries and importers complained that this would

lead to supply problems, raise production costs and local prices, and have a serious impact on small and medium-sized enterprises that are

difficult to obtain letters of credit, and call on the government to carefully consider and withdraw the decision.

But the governor of the Central Bank of Egypt said it would not reverse the decision and urged companies to comply with the new rules and

"Do not waste time on disputes unrelated to the stability and good performance of Egypt's foreign trade".