The Central Bank has made the decision to immediately revoke the instructions about the upkeep of a margin cash deposit against the granting of letters of credit for imports.
All commercial banks with licenses have been advised of this, according to the Central Bank.
A margin of 100% must be maintained while granting letters of credit, according to a Banking Act order that was issued on May 19, 2022. A subsequent order from the Banking Act, released on February 17, 2023, added still another series of products to the relevant import list.
