Regulatory Alerts2016-04-11
A circular dated March 31, 2016 confirming full compliance with the instructions for canceling the maximum limits for deposits and cash withdrawals in foreign currencies.
In Cairo, on March 31, 2016: Dear all, I would like to refer you to my previous circulars dated March 9, 2016 regarding the cancellation of upper limits for remittances and withdrawal by foreign employees for natural persons, as well as legal entities in respect of imports of essential goods, while maintaining the limits for legal entities with regard to imports of non-essential goods and articles. Some natural persons have made large cash deposits through foreign workers as financial transfers to carry out imports of non-essential goods and articles via companies, which is considered evasion of the aforementioned instructions 0. I would like to remind you once again that it is mandatory to comply with all issued instructions, and I kindly request the Central Bank's attention in this regard, and thank you for your cooperation. Best regards, Jamil Najm.