Regulatory Alerts2012-02-28
Added · Updated
Circular 5/2012: Disbursement of Foreign Currency for Official Travel and Training Allowances
Commercial banks are authorized to process requests for purchasing foreign currency in cash to cover travel and accommodation allowances for employees on official duty or training courses, deducting these amounts directly from the sending entity's current accounts. This authority is granted under the provisions of Exemption Decision No. (751) of 2007 and requires strict adherence to existing regulations. Banks must disclose data related to these disbursements in a monthly sales statistic report submitted to the Banking and Currency Control Department using the specific form attached to Circular No. (2002/25).
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