Regulatory Alerts2024-08-19 | CBE8.1Added · Updated
CBE Regulation Book 8.1 - Rules And Instructions In The Field Of Dealing In Foreign Currency
The Central Bank of Egypt establishes comprehensive rules for foreign currency transactions, requiring tourist and commercial establishments to deposit foreign currency sales with the CBE and mandating that sales be made only in exchange for Egyptian pounds or through authorized banks. The CBE introduces periodic and non-periodic USD auctions to support the Egyptian pound and enhance market efficiency, while also implementing priority mechanisms for currency procurement and strict monitoring of export proceeds to prevent capital flight. Additionally, the CBE liberalizes exchange rates, allows banks to export surplus foreign currency banknotes under strict compliance standards, and maintains a Foreign Investment Fund to facilitate the repatriation of investor funds.
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