Regulatory Alerts2016-02-15
Added · Updated
Circular dated February 15, 2016 amending the maximum cash deposit in foreign currency for export companies
The circular increases the maximum monthly cash deposit limit in foreign currency for export companies with import needs to USD 1 million, subject to a daily limit and specific conditions. These conditions require that deposits align with import requests based on export transaction volume and that export proceeds in foreign currency are repatriated within three months at an amount equal to or greater than the deposits made. Failure to repatriate proceeds allows the bank to report the client to the Central Bank of Egypt for inclusion in failure lists, requiring banks to implement clear monitoring mechanisms to ensure compliance effective from the date of the circular.
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