Rule · CBE · 4 Jul 2017

Circular dated July 2, 2017 regarding confirmation of the adjustment period to pay the value of imports in accordance with the circular dated June 5, 2017

The circular confirms a three-month adjustment period from the date of the June 5, 2017 decision for the provision or preparation of documents required to pay import values exceeding USD 2,000 or its equivalent in foreign currency. This period applies to the implementation of the Minister of Trade and Industry Decision No. 835 of 2017, which mandates that such payments be made in foreign currency using standard payment methods and the submission of Form 4. Banks are requested to take necessary measures to ensure compliance with this document provision period and the application of the decision.

EgyptCentral Bank of Egypt

Cairo, July 2, 2017

Dear Chairman of the Board,

Tahya Bank

Greetings,

Further to my letter dated June 5, 2017, attached with the Minister of Trade and Industry Decision No. 835 of 2017 regarding the strict necessity that the payment of the value of imports exceeding USD 2,000 or its equivalent in foreign currency be made in foreign currency instead of five thousand US dollars, using any of the standard payment methods and the submission of Form 4.

I would like to inform you that the aforementioned Ministerial Decision provides for a period of three months from the date of issuance of the decision for the provision or preparation of the aforementioned documents.

Please be so kind as to take the necessary measures regarding the observance of the period for providing the aforementioned documents and the application of the decision.

Accept my highest regards and appreciation.

Gamal Naguib

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