First Independent Mena Newspaper
The Central Bank of Egypt (CBE) abolished a February 2022 circular requiring the use of letters of credit for imports, and allowed the use of collection documents instead, Arab Finance reports. The CBE in a late December circular scrapped the letter of credit which provides an irrevocable guarantee to the exporter that the importer’s bank […]
U.S. authorities announced Tuesday that Morocco has agreed to allow commercial imports of U.S. poultry meat and products into the country for the first time. The announcement was made U.S. Trade Representative Robert Lighthizer and U.S. Secretary of Agriculture Sonny Perdue. “The Trump Administration continues to prioritize the opening of new markets for U.S. agricultural […]
Battered by falling oil and gas revenues, Algeria’s foreign exchange reserves are expected to further shrink to $97 billion, down from $193 billion in 2014, official data shows. With the slump in oil prices, the rest of the Algerian economy can’t generate the foreign exchange needed to pay for imports as oil and gas represent […]
Danish Foreign Minister Anders Samuelsen made it clear that importing products hailing from the Moroccan southern provinces, the Sahara, is legal and in line with international law since the local population benefits from the resources of the region. “Imports of goods emanating from the Sahara is legal and does not call into question international law […]
Morocco’s foreign exchange reserves rose to cover 7 months and 14 days of imports by August up from 6 months and 11 days the same period last year, the Central bank, Bank Al Maghreb said. By the first week of September, Morocco’s foreign exchange reserves stood at 248.9 billion dirhams, that is a 17.7% increase […]