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Egypt’s Central Bank Says New Import Rules Will Be Applied in March

People walk past the Egyptian Central Bank in downtown Cairo on November 3, 2016. (Getty Images)
People walk past the Egyptian Central Bank in downtown Cairo on November 3, 2016. (Getty Images)
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Egypt’s Central Bank Says New Import Rules Will Be Applied in March

People walk past the Egyptian Central Bank in downtown Cairo on November 3, 2016. (Getty Images)
People walk past the Egyptian Central Bank in downtown Cairo on November 3, 2016. (Getty Images)

Egypt's central bank governor has said new rules requiring importers to use letters of credit will be implemented starting in March despite complaints from business groups and traders that the measure could inflate their costs.

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.

The statement followed instructions from the central bank that were circulated by traders and reported by local media instructing banks to only accept letters of credit from importers.

Importers are currently able to use a cash-against-documents system that traders say requires less payment in advance.

A group of trade and business associations had complained in a letter to the prime minister on Monday that the new rules could exacerbate supply chain problems, damage competitiveness and delay import shipments.

Egypt has struggled to contain a rising import bill and a current account deficit that widened to $18.4 billion in the 2020/21 financial year from $11.4 billion the previous year.

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Saudi Arabia World Leader in Road Network Connectivity

The Road Safety and Sustainability Conference is held under the theme “Innovating for Tomorrow”. (Asharq Al-Awsat)
The Road Safety and Sustainability Conference is held under the theme “Innovating for Tomorrow”. (Asharq Al-Awsat)
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Saudi Arabia World Leader in Road Network Connectivity

The Road Safety and Sustainability Conference is held under the theme “Innovating for Tomorrow”. (Asharq Al-Awsat)
The Road Safety and Sustainability Conference is held under the theme “Innovating for Tomorrow”. (Asharq Al-Awsat)

Saudi Arabia ranks first globally in road network connectivity and has made significant strides, advancing to fourth place in road quality among G20 nations. These achievements are part of the Kingdom’s ongoing efforts to enhance road safety, which have contributed to a nearly 50% reduction in traffic fatalities.
Saudi Minister of Transport and Logistics, Eng. Saleh Al-Jasser, announced these figures on Sunday, during his opening remarks at the Road Safety and Sustainability Conference under the theme “Innovating for Tomorrow,” attended by over 1,000 experts from 50 countries.
Al-Jasser highlighted that the Kingdom has implemented numerous initiatives to maintain the safety and quality of its road network. These include “the adoption of performance-based contracts to ensure transparency, optimize spending, and improve quality and service standards,” all in line with the objectives of the National Transport and Logistics Strategy under Vision 2030.
At a press conference on the sidelines of the event, acting CEO of the General Roads Authority, Eng. Badr Aldulami, shared that the Ministry of Transport oversees more than 75,000 kilometers of roads, while the Ministry of Municipal and Rural Affairs is responsible for over 115,000 kilometers, totaling nearly 200,000 kilometers designed to meet the highest standards in execution, quality, and safety.
For his part, Eng. Abdullah Al-Mogbel, honorary president of the International Road Federation, emphasized Saudi Arabia’s longstanding partnership with the federation, which includes over 119 member countries. He noted that the Kingdom has co-organized five conferences with the federation, all focused on improving road safety, maintenance, and performance.
The General Authority for Roads’ spokesperson, Abdulaziz Al-Otaibi, noted that road fatalities have decreased from approximately 28 per 100,000 people in 2016 to 13 currently, with a target of reducing this to 5 by 2030. This progress has been achieved by adopting advanced technologies, methodologies, and large-scale projects, including the use of a global AI-powered fleet to survey the entire road network, assessing factors such as cracks, skid resistance, and road strength.
He further noted that the Kingdom aims to preserve the environment through asphalt recycling technologies, which have cut maintenance time by up to 40% and reduced carbon emissions.
The conference, spanning two days, will feature over 130 scientific papers and showcase approximately 27 innovations and modern technologies, focusing on innovative transportation solutions and government policies aimed at reducing emissions and seamlessly integrating green infrastructure to enhance road safety. The event also includes an exhibition featuring 20 entities showcasing the latest developments in artificial intelligence, intelligent transport systems, and sustainable transportation.