Circular dated October 20, 2015 regarding conditions for accepting foreign currency cash deposits for export proceeds from specific countries

Mr. Chairman of the Board of Directors Cairo, October 20, 2015 Bank of Egypt

Greetings,

I would like to refer to my letter No. 199 issued on May 13, 2015, regarding the acceptance by the Bank of cash deposits in foreign currencies from companies dealing with importers from certain countries with limited trade relations (Libya, Syria, Sudan, Palestine, Iraq, Yemen) and exceeding the specified ceiling for cash deposits.

In light of inquiries received from some banks on this matter, please be informed that the Bank may accept cash deposits in foreign currency for export proceeds to the aforementioned countries, subject to the following conditions:

1. The necessity of ensuring that the value of the deposits is consistent with the size and nature of the usual commercial activity and the value of documents indicating the export transaction.

2. The exporter must provide a copy of the customs declaration form showing the full details of the export and the value of the exports, which must be certified by the competent customs authority.

3. A copy of this declaration must be approved by a branch of the General Authority for Export and Import Control after being reviewed against the Unified Statistical Form.

4. The exporter must submit the approved declaration to the External Trade Department at the Ministry of Trade and Industry for final endorsement of the aforementioned customs declaration copy.

5. The exporter must submit the endorsed declaration to the concerned bank where the value of the exports is required to be deposited.

Please take the necessary steps to ensure full compliance with the above.

Accept my highest regards, Hesham Ramzy Abdel Hafez