Regulatory Alerts2023-10-23
Added · Updated
Circular dated October 23, 2023 regarding amending the period for following up on the receipt of export proceeds of gold jewelry
The circular amends previous directives by adding gold jewelry exports to the list of exceptions, allowing a 30-working-day period to follow up on the receipt of export proceeds. Banks are required to adhere to necessary procedures to verify the validity of these transactions and accept proceeds in cash or gold. This directive applies to all banks and supersedes the standard 7-day tracking period for these specific operations.
Cairo: October 23, 2023
Mr. / Chairman of the Board of Directors Tahya Bank
Greetings,
With reference to the circular letter dated December 18, 2022, by which the period for following up on the receipt of proceeds from gold export operations was reduced to 7 working days from the date of shipment, and also the circular letter dated April 5, 2023, where operations involving the export of gold for manufacturing abroad and subsequent re-import and re-export were exempted, or the import of gold for local manufacturing, with the follow-up of their export proceeds to be conducted within 30 working days from the date of shipment.
I would like to inform you that it has been decided to add gold jewelry export operations to the aforementioned exemptions, with the proceeds for them being accepted in cash or gold, while committing banks to follow the necessary procedures to verify the validity of export operations according to each case.
Please kindly direct compliance with the above.
Accept my highest regards,
Hassan Abdallah