New Egyptian import requirements
Effective from February 22, 2022, the Central Bank of Egypt (CBE) requires importers of goods into Egypt to pay the foreign sellers of the goods through a letter of credit (LC).
Ritchie Bros. unfortunately is not in a position to facilitate this new LC’ process for Egyptian domestic buyers. Branches of foreign firms and their subsidiaries however are exempted from these new requirements. If you intend to import directly into Egypt, we then encourage you to purchase items through your local (EU) affiliate or through a local (EU) agent who can – where applicable - take care of the LC requirements for you. No additional deposits or measures will then be required by us on top of the existing requirements for you to participate in our platforms.
If this option is not possible and you still wish to purchase through our platforms for the Egyptian domestic market, you will be required to pay a full (100%) deposit in order to participate on our platforms. This deposit is only refundable if no purchases are made or insofar the deposit exceeds your purchased value.