Circular dated March 6, 2017 regarding notifying the Central Bank before procuring foreign currencies for government agencies

Dear Mr. Chairman of the Board of Directors of Bank...

Greetings,

I would like to refer to the decisions issued by the Central Bank of Egypt on November 3, 2016, regarding the mechanisms of supply and demand, the efforts made to regulate the exchange rate liberalization, and pricing according to the Egyptian Pound exchange rate system against other currencies.

Please be informed that, based on the directives of the Honorable Prime Minister, your bank must notify the Central Bank before procuring foreign currencies for any government agencies (public economic bodies, public sector business companies, and public sector companies), as well as their contractors and suppliers, without any minimum threshold.

Please be kind enough to emphasize the necessity of complying with the aforementioned instructions, effective from this date, and accept my highest regards,

Tarek Amer