CBL reports reveals the accepted bank requests to cover Letter of Credits and transfers

This section of the report publishes the accepted bank requests to cover Letters of Credits and transfers, except for personal purposes, from 1/1 – to 30/06/2023 where it mentioned the number of companies, factories, public entities, and other entities whose applications were approved to purchase foreign exchange from 1/1 – to 30/06/2023 and has reached (1,521), with a number of applications amounting to 7,833 applications. Most of these applications were made in purpose to cover letters of credits, which were 6,895 applications, 88.0% of the total, as shown in the following table:

Banks’ requests to cover letters of credit and transfers – all sectors (According to the beneficiary countries)
The table below shows the values of banks’ requests made by all sectors to purchase foreign exchange from1/1 – to 30/06/2023, the table illustrates the value in terms of beneficiary countries, it is clear that 37.0% of bank transfers to cover letters of credit or other transfers were to the United Arab Emirates, whereas Turkey was in second place with a rate of 8.2%, followed by Egypt and China with rates of 6.1 % and 5.9%, respectively. The following table shows the important twenty beneficiary countries.

Banks requests to cover letters of credit and transfers-all sectors (According to the countries of origin for the goods or services)
The table below shows the values of banks’ requests made by all sectors to purchase foreign exchange by goods or services origins from 1/1 – to 30/06/2023, It is clear that Turkey ranked first, as goods or services of Turkish origin accounted for 20.6% of the total accepted purchase requests. Imports of goods or services of Chinese origin came in second place, accounting for 13.1% of the total, and goods or services of Egyptian origin accounted for 12.2% ranked third during the period, while goods and services of Russian origin accounted for 6.7%, and those of Indian origin accounted for 5.9%., while the goods and services of Tunisian origin accounted for 4.5% of the total. The following table shows twenty countries of origin for goods or services.