2023-10-23

A circular dated October 23, 2023 regarding amending the period for following up on the receipt of export proceeds of gold jewelry.

In a letter dated October 23, 2023, addressed to the Chairman of the Board of Directors of a bank in Cairo, the writer refers to previous circulars regarding the reduction of the follow-up period for receiving export proceeds for gold transactions to 7 working days from the date of shipment. Certain exceptions were also noted, including gold exported for foreign manufacturing and then re-imported or imported for local manufacturing, with a 30-day follow-up period for receiving export proceeds. The writer informs that gold jewelry exports will now be added to these exceptions, with banks required to verify the authenticity of export transactions and accept proceeds in cash or gold.

Egypt

Central Bank of Egypt

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