2017-03-08

A circular dated March 6, 2017 regarding notifying the Central Bank before procuring foreign currencies for government agencies

The letter, addressed to the Chairman of the Board of Directors of a bank, refers to the decisions made by the Central Bank of Egypt on November 3, 2016, regarding the liberalization of the Egyptian pound's exchange rate and the pricing mechanism based on supply and demand. It instructs the bank to notify the Central Bank before providing foreign currency to any governmental entity, including public economic authorities, public sector businesses, and their contractors and suppliers, with no minimum amount threshold. The letter emphasizes the importance of adhering to these instructions.

Egypt

Central Bank of Egypt

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