Cancel the letter of credit system and resume collection.
On February 13, 2022, the Central Bank of Egypt announced that from March, Egyptian importers can only import goods using letters of credit, and instructed banks to stop processing exporters' collection documents.
This new regulation restricts Egyptian importers to payment only through letters of credit, which directly led to a backlog of a large number of imported goods at the port that could not be cleared.
According to news from the Pyramid Online website on October 25, Egyptian Prime Minister Madbouly said at the closing ceremony of the 2022 National Economic Conference that he will coordinate with the Central Bank of Egypt (CBE) to cancel the mandatory use of import letters of credit within two months.
The latest good news is that, according to the report of the Egyptian portal MASRAWY on December 29, the Central Bank of Egypt announced the cancellation of the documentary letter of credit system and resumed the collection of documents to process all import business.
For Egyptian customers who purchase SUNPASS products, SUNPASS will provide support in the payment channel. We support the payment methods of T/T, D/P and L/C.
SUNPASS SEALING TECH, founded in 1979, relies on more than 40 years of mature technology. And experience, specializing in the production of packing and gaskets for industrial pump valves, has a high reputation and influence in the sealing industry at home and abroad. It has a modern professional factory building of 12000M2, and has more than 20 production lines for sealing packing, sealing gasket, graphite products, PTFE products, etc. Products are widely used in petrochemical, oil and gas, electric power, smelting, mining, shipbuilding, paper making, food and machinery industries. Customers are all over China, Russia, South Korea, Japan, Thailand, and Saudi Arabia. Egypt, Spain, Germany, France, the Netherlands, Belgium, the United States, Mexico, Brazil, Australia and more than 200 countries and regions.
For more information, please click: www.sealings.cn
Top-Sealing since1979, specializes in producing high quality Packing, including: Aramid Gland Packing、PTFE Gland Packing、Graphite Gland Packing、Carbon Gland Packing、Ramie Gland Packing、PTFE Gaskets, Graphite Gasket, Graphite Ring,Graphite Paper, Graphite Sheet, Graphite Tape, PTFE Sheet, Fiberglass Cloth, Fiberglass Tape, Fiberglass Rope, Ceramic Fiber Cloth, Ceramic Fiber Tape,Ceramic Fiber Rope
For more products, please visit it www.sealings.cn
Welcome to mail:[email protected] or call 0574-62837600