Local automotive players are reportedly facing difficulties issuing letters of guarantee for CBU (completely built up) vehicle imports, as part of the Central Bank’s strategy to curb imports levels to alleviate the foreign currency drain, Al Borsa reported. Local assemblers including GB Auto (AUTO.CA), Al Mansour Chevrolet, Toyota Egypt and Nissan Egypt requests for letters of credit to import vehicles have reportedly been postponed. However, banks have supplied foreign currency for imports of car parts and kits for local assembly, the article added. The policy has, however, not been made official. The strategy further aims to support local assembly, particularly as the market become increasingly competitive with the looming removal of custom duties on EU cars (both CBU and CKD- completely knocked down) by 2019. (Al Borsa)