CAIRO- Egypt's Central Bank has exempted for one year imports of rice, lentils and fava beans from a rule requiring import fees to be met with an upfront cash payment, it said in a statement on Thursday.

It said the exemption would last until Mar. 15, 2020.

Traders said the rule would allow for letters of credit to be opened without depositing the full amount in foreign currency, a regulation that the central bank put in place in 2015 amid a severe dollar shortage.

(Writing by Nadine Awadalla and Eric Knecht Editing by Raissa Kasolowsky) ((Nadine.Awadalla@thomsonreuters.com;))