Egyptian Banks Report LC Openings up 87%

Egyptian banks opened LCs worth USD 11.6 billion over a six-week stretch from 1 March to mid- April 2022, an increase of 87% from the USD 6.2 billion in LCs issued for the same period one year ago, said SEE News, citing Central Bank of Egypt (CBE) sources.

The spike coincides with implementation of CBE’s decision to halt use of documentary collections backing import operations and instead require LCs.