Egypt’s PM, CBE Acting Governor discuss exemptions to Documentary Credits System

Prime Minister Mostafa Madbouly and Acting Governor of the Central Bank of Egypt (CBE) Hassan Abdalla met on Sunday to review a number of economic matters, chief among them being the effects of the Documentary Credits System on local production.

First off, they discussed the most important indicators of monetary policy and the expected positive repercussions of the recent decisions issued by the CBE regarding cancelling the maximum limits for deposits for individuals and companies in bank branches and ATMs, which were being implemented as part of the precautionary measures taken to confront the effects of the COVID-19 pandemic.

The meeting also touched on a number of proposed measures within a specific period to deal with the current economic situation and repercussions of the global inflationary pressures in a manner that ensures full integration and coordination in fiscal and monetary policies.

Furthermore, Abdalla briefed the PM on the prospects of excluding certain manufacturing companies from the Documentary Credits System within the context of implementing the directives of President Abdel Fattah Al-Sisi to support the industry sector.

The proposed policies to deal with this file in the future were also discussed in order to ensure the availability of various products in local markets and the continuation of the cycle of production within the economy.

Additionally, the meeting covered the current efforts made by the government to improve the investment climate, activate the participation of the private sector in the economy, and the targeted economic goals for the coming period.