Regulatory Alerts2015-04-23
Some transactions in foreign currencies
On April 23, 2015, the Governor of the Cairo Central Bank Meeting referred to the directive to banks regarding the maximum amount for dollar deposits and other foreign currencies by no more than ten thousand dollars per day, fifty-thousand dollars per month. This measure was implemented to regulate financial transactions and to encourage investors not complying with the guidelines mentioned earlier, to deposit their foreign currency funds outside the banking sector within the allowed limits and then reassemble them back into customer accounts through banks for use in importing goods or settling debts in U.S. dollars. The governor also emphasized that all internal exchange transactions between bank customers must be consistent with previous guidelines, adhering to the "Know Your Customer" principle to verify the purpose of these exchanges and informed that such operations will be monitored regularly under the Central Bank's supervision and may lead to disciplinary measures in accordance with Article (135) of the Central Bank Law No. 88 for the year 2003, and that they are requested to give **high regard**.