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Source: Activities to release credits for food imports in Lebanon



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6:13 pm

Sunday, April 21, 2019

Manal wrote:

Three bankers from Ahli, Egypt, and Cairo, Egypt, said that as Ramadan approached, the demand for a documentary on food imports in the past 10 days has increased significantly.

Bankers who want to avoid revealing their names have said they have increased requests for 25-30% increase in documentary credits over the past few days to import food items such as poultry, frozen meats, rice and lentils. And oil.

The recent increase in foreign exchange inflows from three banks has contributed to reducing the pressure on the dollar and promptly managing all banking operations from importers without waiting lists to provide currency.

Sources said the request for a bank letter of credit was silenced last month by Lamasrawi, and there were not many requests.

Three public banks have transferred $ 60 billion to obtain documentary credits for merchandise and non-essential commodities for 29 months after the liberalization of the exchange rate.

Yahya Abul Fotouh of the Bank of Egypt, announced early on that banks managed over $ 47 billion to provide documentary credits for goods and non-core products after the liberalization of the exchange rate by the end of March 2016 To Lamasrawy.

Banque Misr also managed about $ 10 billion in foreign trade financing for goods and non-core commodities during the 29 months after the liberalization of the exchange rate, said Mohamed Eltribi, president of the bank.

Tariq Fayed, head of Banque du Caire, said that since the exchange rate was announced by the end of March, the bank had managed nearly $ 3 billion to obtain documentary credits on imports of basic and non-essential commodities.

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