Regulatory Alerts2016-11-03
Circular dated November 3, 2016 regarding the liberalization of exchange rates
The Central Bank of Egypt issued a statement on Thursday, February 10th, announcing some amendments to its foreign exchange policy. Here's the breakdown of these amendments: 1. In reference to **Foreign Exchange Allocations and Imports of Non-Essential Items**: The Central Bank will cancel the circular issued on February 4, 2013, which outlines the essential goods that banks must prioritize in their foreign exchange dealings for specific import operations. 2. In reference to **Exchange Rates of Foreign Currencies**: The Central Bank will enhance the periodic statements issued on March 8 and March 9, 2016, regarding lifting the upper limit of currency issuance and withdrawal by individuals and authorized entities in terms of foreign exchange in non-essential goods imports, excluding these items from the limit of $10 million per day and $50 million per month for issuance and $30 million for withdrawal. And now, the responsibility of money markets is at the forefront, so you must pay full attention to this great responsibility in order to achieve the desired goal of stability for everyone. I urge you, understand the importance of your role and strive to serve this country as you have always done. Regarding the new amendments to the foreign exchange policy, here are some key points: 1. The Central Bank will cancel the circular issued on February 4, 2013, which outlines the essential goods that banks must prioritize in their foreign exchange dealings for specific import operations. 2. In reference to **Exchange Rates of Foreign Currencies**: The Central Bank will enhance the periodic statements issued on March 8 and March 9, 2016, regarding lifting the upper limit of currency issuance and withdrawal by individuals and authorized entities in terms of foreign exchange in non-essential goods imports, excluding these items from the limit of $10 million per day and $50 million per month for issuance and $30 million for withdrawal. And now, the responsibility of money markets is at the forefront, so you must pay full attention to this great responsibility in order to achieve the desired goal of stability for everyone. I urge you, understand the importance of your role and strive to serve this country as you have always done.