The British Embassy in Cairo would like you to be aware of the following regulatory changes announced by the Central Bank of Egypt:
The Central Bank of Egypt has stopped the usage of documentary collection for all imports into the country with immediate effect from February 12, 2022 leaving letters of credit as the only acceptable method for payment. This came with a few exceptions which included branches of foreign companies and their affiliated companies. Documentary collection will only be accepted for goods shipped to Egypt before the date of this decree (February 12, 2022). This decree came as Egypt is making the usage of the ACI system mandatory as of March 1, 2022.
The British Embassy has asked us to share an FAQ document in relation to these regulations, which were sent to them by the Central Bank. The Embassy is currently analysing the impact these measures will have on business, so please contact us at info@theebcc.com if your business is affected by these changes or if you need any further information/clarification.
Click here to download the FAQ's document