2024-03-06

A circular dated March 6, 2024 regarding reviewing and purifying foreign exchange management requests reports

In a letter dated March 6, 2024, the Chairman of the Board of a bank in Cairo, Egypt, addresses efforts to meet customer foreign currency needs through the banking sector and regulate the foreign exchange market. The letter requests strict adherence to reviewing reports on foreign currency provisioning requests submitted regularly to the Central Bank, using the prevailing exchange rate on the execution day. It also emphasizes the removal of requests that customers refrain from executing. Banks are urged to scrutinize these reports and cleanse data to ascertain the actual volume of foreign currency provisioning requests.

Egypt

Central Bank of Egypt

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