Regulatory Alerts2016-11-03
Added · Updated
Circular dated November 3, 2016 regarding the liberalization of exchange rates
The Central Bank of Egypt mandates the liberalization of exchange rates to correct foreign currency trading policies, eliminate the parallel market, and restore trading within legal channels. Banks are permitted to extend operating hours until 9:00 PM and on weekends to process foreign currency transactions and remittances without charging commissions. The circular abolishes previous directives prioritizing essential goods for foreign currency allocation and reinforces the removal of deposit and withdrawal limits for individuals and legal entities, except for those importing non-essential goods which remain subject to specific caps. These measures take effect immediately to support the government's structural reform program.
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