Regulatory Alerts2023-10-23
A circular dated October 23, 2023 regarding amending the period for following up on the receipt of export proceeds of gold jewelry.
Cairo, October 23, 2023: The Governor/Chairman of the Central Bank of Egypt has announced that in line with the recorded reports on December 18, 2022 and April 5, 2023, which shortened the reporting period for gold exports to seven business days from the shipping date, exceptions including the export of unprocessed gold to be reimported and re-exported or domestically processed gold will remain at a 30-day reporting window from the shipping date. The Governor/Chairman has also informed that additional measures related to gold exports could possibly be added to those mentioned earlier, while requiring banks to follow mandatory procedures to verify the legitimacy of export transactions according to each case. Kindly refer to the guidelines provided earlier. Respectfully, Yours Sincerely,