Regulatory Alerts2015-10-22
A circular dated October 20, 2015 regarding the conditions for accepting cash deposits in foreign currency for export proceeds from some countries.
Egypt's Central Bank Governor in October 2015 announced the following: The bank will gradually end its funding of businesses that rely heavily on foreign countries, primarily Libya, Syria, Sudan, and Yemen. This is part of a plan to reduce the reliance of Egyptian economy on imports and achieve self-sufficiency in certain goods. It will also include increasing the efficiency of Egypt's customs authorities by upgrading their systems according to a unified accounting model. In addition, the Governor stated that they will take necessary steps to fully implement these plans. The bank is expected to provide further details on this matter. He also thanked everyone for their respect and cooperation and ended his speech with "Hesham Ramez, Governor of the Central Bank of Egypt".