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The Government put another road block before vehicle imports, with the Central Bank Friday raising the bar on obtaining Letters of Credit (LCs). The Government put another road block before vehicle imports, with the Central Bank Friday raising the bar on obtaining Letters of Credit (LCs). The directive, effective immediately, will require importers to post a minimum 100 percent cash margin when opening LCs to import vehicles for private use.
The bank added that this measure “will not have a negative impact on investment and economic development of the country, as the margin deposit requirement is imposed only on LCs opened for the importation of vehicles which are mainly for private use.”
