Exports to Egypt - Terms of Trade Change to Letters of Credit
Egypt’s central bank governor has said new rules requiring importers to use letters of credit will be implemented starting in March 2022. Central Bank Governor Tarek Amer urged businessmen to “reconcile their situations and not waste time in controversies that have no relation to the stability of Egypt’s foreign trade and its sound performance,” according to a statement reported by state news agency MENA. Egyptian importers are currently able to use a cash-against-documents system that traders say requires less payment in advance.
There are exceptions, primarily orders of less than USD5,000. Read details of exceptions
If you are exporting to Egypt and have been used to the old Documents Against Payment (DP) or Documents Against Acceptance (DA) system, feel free to contact Synergy in Trade for advice about processing the order on Letter of Credit terms
There are exceptions, primarily orders of less than USD5,000. Read details of exceptions
If you are exporting to Egypt and have been used to the old Documents Against Payment (DP) or Documents Against Acceptance (DA) system, feel free to contact Synergy in Trade for advice about processing the order on Letter of Credit terms