2015-10-28

Accepting cash deposits in foreign currency for export proceeds from some countries

The letter, dated May 13, 2015, is addressed to the Chairman of the Board of Directors of a bank in Cairo, Egypt. It concerns the monitoring of instructions regarding the maximum limit for cash deposits in foreign currencies at banks. The letter notes the negative impact on some companies that deal with importers in countries with limited transactions (Libya, Syria, Sudan, Palestine, Iraq, and Yemen), where transactions are made through cash deposits rather than bank transfers. It also references Article 116 of the Central Bank, Banking System, and Currency Law, which allows travelers to bring foreign currency into the country, with a declaration required for amounts exceeding $10,000 or its equivalent in other currencies.

Egypt

Central Bank of Egypt

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