Letter of credit Officials in banks pointed to the revival of private letters of credit movement after the devaluation of the Chinese Yuan, which causes the decline in the cost of importation and prompted importers to take advantage of this opportunity. China's central bank has allowed in August to reduce the value of the Yuan three times in a row to reach the lowest level in the last two decades before the dollar and it is expected to continue this situation until mid-December.

Dr. Sameh Ghorab, Head of Banking Operations sector at the Egyptian Bank of Industrial Development & Workers , said that credits movement witnessed a state of activity in the last two months, driven by a number of reasons, the most important is the reduction of the Chinese currency more than once, which means a lower cost of Chinese products, prompting importers to take advantage of the opportunity and increase the volume of their imports there is also another reason is improving rating of Egypt by the international rating agencies as well as Egypt is going to complete the political road map through the parliamentary elections.

In a different context Ghorab said that the dollar shortage caused the existence of pending requests, however, the bank gives priority to the lists set by the Central Bank which provide the dollar for them.