Chapter Three Statistics of Foreign Transactions

Article 117 of the Central Bank, Banking System and Currency Law issued by Law No. 88 of 2003 stipulates that "approved banks, exchange companies, and entities licensed to deal in foreign currency must provide the Central Bank of Egypt with data on the foreign currency operations they conduct, whether on their own account or on behalf of others. The Board of Directors of the Central Bank shall determine the timing, content, method, and deadlines for submitting this data."

In the context of developing the Central Bank of Egypt's information systems and exchanging information electronically with the banking sector, the "Foreign Currency System" program was prepared, which allows banks to electronically input and send foreign currency statistics (receipts and payments) through the Central Bank of Egypt's information network.

The statistical regulations currently in force in this regard are as follows: General Rules:

1. Distinguish between Egyptians and foreigners on receipts for the exchange of foreign banknotes.

2. Separate transactions of free zones with the outside world from other transactions.

3. Each bank must connect one or more computers to the Central Bank's network to input statistical data.

4. Banks must provide the General Administration of Electronic Supervision of Foreign Currency with the names of persons authorized to access the Central Bank's network on a valid application form for access to the Central Bank of Egypt's systems, specifying the person responsible for approving the data.

5. Data for statistics of foreign transactions shall be entered into the Central Bank of Egypt's network through electronic means prepared by the computer administration of the transmitting bank and uploaded to the Central Bank's network at intervals during the month.

6. Export and import data shall be collected from shipping documents, whether received by the bank or directly by the client.

7. All statistical data must be completed by a deadline not exceeding the seventh day of the month following the month for which the statistics are prepared.

8. The transmitting bank shall conduct a monthly reconciliation between the recorded data of payments and receipts for foreign transactions and its related records before approving the data.

9. The Central Bank of Egypt may make any modifications to the content of the statistical data contained in the "Foreign Currency System" program.

First: Statistics of Approved Banks via the Central Bank's Network

This consists of 8 data entry screens for the daily movement of foreign currency transactions, where the bank inputs some data in the form of "numbers" codes commonly used by the Central Bank (the program includes a list of codes for payment methods, currencies, countries, nature of the operation, sectors, and activities) and other data in text form. The content of each screen is detailed below:

1. Screen for inputting data on the daily movement of foreign transactions - Visible exports receipts (V.E.): This details amounts received from abroad for merchandise exports and contains the data shown in Figure No. 1.

2. Screen for inputting data on the daily movement of foreign transactions - Invisible receipts (I.R.): This details amounts received from abroad for invisible operations, as well as amounts ceded to the bank in foreign currency from customer accounts. It contains the data shown in Figure No. 2.

3. Screen for inputting data on the daily movement of foreign transactions - Visible imports (V.I.): This details amounts transferred abroad for merchandise imports in cash (documentary credits, collection documents, or guarantee letters for merchandise imports). It contains the data shown in Figure No. 3.

4. Screen for inputting data on the daily movement of foreign transactions - Invisible payments (I.P.): This details amounts transferred abroad for invisible operations, as well as amounts sold by the bank to customer accounts in foreign currency. It contains the data shown in Figure No. 4.

5. Screen for inputting data on the daily movement of foreign transactions - Value of deferred shipping documents against supplier facilities / commodity loans (Form 7/B): This details all deferred import operations executed (documentary credits, collection documents, guarantee letters for merchandise imports) through supplier facilities, commodity loans, and international grants. It contains the data shown in Figure No. 5.

6. Screen for inputting data on the daily movement of foreign transactions - Supplier facilities repayment form: This details the amounts transferred abroad for deferred imports executed through facilities and contains the data shown in Figure No. 6. This is prepared based on payments to the outside world against customers' repayment of documentary credits (confirmed or unconfirmed) / promissory notes / commitments that the client undertook to repay.

7. Screen for inputting data on the daily movement - Foreign banknote purchases form: This details all the bank's purchases of foreign banknotes at the counter through the free market and contains the data shown in Figure No. 7.

8. Screen for inputting data on the daily movement - Foreign banknote sales form: This details all the bank's sales of foreign banknotes at the counter through the free market and contains the data shown in Figure No. 8.

Exchange companies provide monthly data on operations conducted during the month using the following forms:

• Statement of movement on foreign currency notes within the free market through exchange companies (Form No. 9): This shows the movement on foreign currency notes conducted through each exchange company and includes data for the main office and all branches of the company. This statement is prepared as follows:

  Column No. 1: Foreign currencies dealt with during the month are listed.

  Column No. 2: The opening balance for the month for each currency for the statement's month is listed.

  Column No. 3: The company's purchases of foreign banknotes from customers are listed.

  Column No. 4: The company's purchases of foreign banknotes from other exchange companies and approved banks are listed.

  Column No. 5: The company's sales of foreign banknotes to customers are listed.

  Column No. 6: The company's sales of foreign banknotes to exchange companies and approved banks are listed.

  Column No. 7: The closing balance at the end of each month for each currency is listed.

Attached to the statement of movement on foreign currency notes within the free market are the following forms:

1. Detailed statement of purchases of foreign banknotes (Form No. 9/A):

   • Indexed by currency and nationality (Egyptian - Foreigner).
   • The total amount of purchases for each currency in this statement must match the amount listed in Column No. 3 for the same currency in the statement of movement on foreign currency notes within the free market conducted through the company (Form No. 9).

2. Detailed statement of sales of foreign banknotes (Form No. 9/B):

   • Indexed by currency and nationality (Egyptian - Foreigner).
   • The total amount of sales for each currency in this statement must match the amount listed in Column No. 5 for the same currency in the statement of movement on foreign currency notes within the free market conducted through the company (Form No. 9).