Regulatory Alerts2022-12-18
A circular dated December 18, 2022 amending the controls for tightening control over gold export proceeds
The Central Bank of Egypt (CBE) has issued a circular to banks on December 18, 2022, addressing the regulation of importing gold. In case no shipment of personal or affiliated gold imports enters within a period not exceeding seven working days from the shipping date - with the CBE following up on this matter without delay for a maximum of three subsequent working days - banks are required to inform the Central Bank and its branches about the customer and related parties, allowing the CBE to take control over banks' transactions. Additionally, the banks must also notify the Ministry of Trade and Industry (Foreign Trade Sector), the Customs Authority, and the Financial Regulatory Authority regarding any mandatory actions they may need to undertake. This comes in line with continuing the instructions released on April 28, 2013, and its subsequent amendments, emphasizing adhering to these guidelines. The circular encourages all banks to comply with the mentioned regulation.