Regulatory Alerts2023-04-05
Added · Updated
Circular dated April 5, 2023 amending the follow-up period for the receipt of gold export proceeds for some operations
The Central Bank of Egypt extends the monitoring period for the receipt of proceeds from specific gold export operations from 7 working days to 30 working days from the date of shipment. This exception applies to exports of gold for manufacturing abroad followed by re-importation, and to imports of gold for local manufacturing followed by re-exportation. Banks are instructed to adhere to these revised timelines.
Cairo on: 5 April 2023
Dear Chairman of the Board of Directors of Tahya Bank,
Greetings,
With reference to the circular dated April 28, 2013, and its subsequent circulars regarding tightening control over export proceeds for products listed in the decisions of the Minister of Trade and Industry No. 235 of 2013 and No. 797 of 2015, and specifically the circular dated December 18, 2022, which reduced the follow-up period for the receipt of proceeds from gold export operations to 7 working days from the date of shipment, it has been decided to exempt the following cases to monitor the receipt of proceeds/receivables related to them within 30 working days from the date of shipment:
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Gold export operations for the purpose of manufacturing abroad and then re-importing it, specifically regarding the monitoring of the receipt of processed goods.
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Operations through which gold is imported for local manufacturing and then re-exported, specifically regarding the monitoring of the receipt of receivables against manufacturing.
Please kindly direct compliance with the above.
Accept our highest regards,
Hassan Abdallah