Regulatory Alerts2017-08-30
A circular dated August 30, 2017 regarding stopping the parallel issuance of Form (4) in both its paper and electronic forms, and only issuing the electronic form
The letter, dated August 30, 2017, is addressed to the Chairman of the Board of Directors of a bank in Cairo, Egypt. It refers to previous correspondence regarding the requirement for banks to ensure that payments for imports exceeding a certain value are made in foreign currency, preferably US dollars. The letter also mentions the transition from paper-based to electronic import financing forms and the need for banks to comply with this change. It emphasizes that the grace period for this transition will end soon, and banks should stop issuing the paper form and solely issue the electronic version, providing clients with a printed copy stamped by the bank. The letter concludes by highlighting the importance of adhering to these instructions and taking the necessary measures to ensure compliance.