Regulatory Alerts2019-08-07
Added · Updated
Circular dated August 7, 2019 regarding the standards for practicing the activity of exporting and importing surplus foreign currency notes
The Central Bank of Egypt establishes standards for banks wishing to export and import surplus foreign currency notes, requiring annual license applications by January with approved policies, internal controls, and staff training. Banks must conduct due diligence on foreign financial institutions, limit single export transactions to $100 million, insure the notes, and adhere to specific security and reporting procedures. The Central Bank retains the right to revoke licenses at any time and allows for special handling of non-listed currencies with transaction limits between $2 million and $10 million. Banks are granted a six-month period to comply with these new instructions.
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