Circular dated January 26, 2016 regarding amending the maximum limit for cash deposits in foreign currency

Mr. Chairman of the Board of Directors of the Bank

In the context of the steps taken by the Central Bank of Egypt to enhance confidence in the national economy, regulate the import process, and tighten control over foreign currency transactions, including instructions regarding the establishment of a maximum limit for cash deposits in foreign currencies at banks, not exceeding 10,000 US dollars - or its equivalent in foreign currencies - per day and a maximum of 50,000 US dollars per month, to facilitate the import of goods and basic products, the Board of Directors of the Central Bank decided at its meeting held on January 20, 2016 the following:

1. The maximum limit for cash deposits for legal persons is increased to meet the needs to cover import operations, becoming 250,000 US dollars monthly - or its equivalent in foreign currencies - and without a maximum daily limit, for the following basic goods and products: a. Basic and supply food goods. b. Machinery, production equipment, and spare parts. c. Intermediate goods, production supplies, and raw materials. d. Medicines, medical supplies, and their special chemicals.

   Any part or all of the unused balance of cash deposits during the month to meet import operations is considered part of the maximum limit for cash deposits in the following month.

2. The instructions regarding the establishment of a maximum limit for cash deposits in foreign currencies at a rate of 10,000 US dollars - or its equivalent in foreign currencies - per day and a maximum of 50,000 US dollars per month remain in effect without modification for each of the following: a. Natural persons. b. Legal persons other than those mentioned above.

   Please be kind enough to alert regarding taking the necessary action to implement the aforementioned decision effective from its date.

   Accept our highest respect,

   Tarek Amer