Egypt sets master plan to boost foreign exchange reserves until June 2023

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The value of imports exempted from the letters of credit system was increased to $500,000, instead of $5,000

Staff Writer, Arab Finance

December 9, 2022

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The Egyptian government is setting a master plan to boost foreign exchange reserves until June 30th, 2023, to secure the country’s needs of foreign currencies, Prime minister Mostafa Madbouly stated in a press conference on December 7th.

In the same vein, Madbouly indicated that the Central Bank of Egypt (CBE) issued a resolution regarding documentary collections and the cancellation of letters of credit.

As per the issued resolution, the value of imports exempted from the letters of credit system was increased to $500,000, instead of $5,000, which helped release a large quantity of goods, he added.

The state could resolve all-related issues to the letters of credit within at least two months, he pointed out, noting that the government is making a great effort to get back to the pre-crisis levels of stability.

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