CBE extends cash cover for basic foodstuffs in Egypt

REUTERS

The CBE has extended the exclusion period twice in the past two years since it first introduced the exemptions in 2019

Staff Writer, Arab Finance

March 17, 2023

PHOTO

The Central Bank of Egypt (CBE) has extended the exclusion period for some basic food commodities, namely rice, lentils and fava beans, from their 100% cash cover for one year until 15 March 2023, the central bank stated on March 15th.

The CBE has extended the exclusion period twice in the past two years since it first introduced the exemptions in 2019.

The CBE added that this decision applies to the import operations of all companies, taking into account the credit study conducted by each bank.

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