Circular dated December 18, 2022 amending controls on gold export proceeds

Cairo: December 18, 2022

Dear Sir, Chairman of the Board of Directors,

Greetings,

With reference to the circular dated April 28, 2013, and its subsequent circulars regarding tightening control over export proceeds for products included in Minister of Trade and Industry Decrees No. 235 of 2013 and No. 797 of 2015, and following market developments, please comply with the following regarding gold, given its specific trade nature:

1. In the event that the proceeds from gold export operations are not received within a maximum period of 7 working days from the date of shipment - and after the bank has followed up with the client regarding this matter without success for a maximum of 3 additional working days - the bank must notify the Central Bank of the client's name and group, under the concept of a single client and affiliated parties issued by the Central Bank, so that it may in turn circulate a directive to banks of the banking system to include the client in the failure lists, thereby prohibiting any similar operations for the client and group in the future.

2. The bank must also notify the Ministry of Trade and Industry (Foreign Trade Sector), the Customs Authority, and the Stamp and Weights Authority to take the necessary measures on their part.

This is while emphasizing the continued validity of the remaining provisions of the instructions issued in the circular dated April 28, 2013, and its subsequent circulars on the same subject, for matters not addressed herein.

Please be kind enough to alert regarding the adoption of the necessary actions to implement the aforementioned decision.

Accept our highest regards,

Mohamed Abomousa