Egypt: Industries Hail Egypt's Letter of Credit Mandate Reversal
Link to report:
Egypt reversed the widely criticized mandate by the Central Bank of Egypt for importers to utilize a process where letters of credit would substitute the long-established cash-against-documents process. Egyptian banks had been unable to process the vast number of applications from Egyptian importers and the long waitlists caused importers to pay large sums due to port delays and/or cancel further shipments from the United States. The cash-against-documents process has been reinstated.
