Regulatory Alerts2016-04-11
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Circular dated March 31, 2016 confirming full compliance with the instructions for canceling the maximum limits for deposits and cash withdrawals in foreign currencies
The Central Bank of Egypt reiterates the full compliance with the instructions canceling maximum limits for deposits and cash withdrawals in foreign currencies for natural persons and legal entities importing basic goods. It notes that some natural persons are circumventing these rules by depositing large foreign currency amounts to import non-basic goods through companies. The circular demands strict adherence to all issued instructions to prevent such evasion.
Cairo on 31 March 2016
Greetings,
I would like to refer to my letters to the Governor dated 8 and 9 March 2016 regarding the cancellation of the maximum limits for deposits and withdrawals in foreign currencies for natural persons and legal entities operating in the field of importing basic goods and products, while maintaining the limits currently in effect for legal entities in the field of importing other goods other than basic goods and products. And since it is observed that some natural persons are making large cash deposits in foreign currencies in the form of deposits and pledging them to carry out operations for importing other goods other than basic goods and products through companies, which constitutes an evasion of the aforementioned instructions.
In light of the above, please be kind enough to issue a strong warning to fully comply with all instructions issued by the Central Bank in this regard.
Accept my highest respect,
Gamal Naguib