The ICC Banking Commission conducted its final meeting of 2024 virtually via Teams on 20-21 November. Four separate portions of the event open to Banking Commission members and ICC National Committee representatives took place.
The Central Bank of Egypt announced in a statement released on 27 October 2022 that it will begin a process of phasing out mandatory use of LCs for import finance by December 2022.
The policy, implemented in March 2022, was designed to curtail US dollar outflow but instead stifled imports resulting in severe shortages of consumer goods.
