Regulatory Alerts2017-08-30
A circular dated August 30, 2017 regarding stopping the parallel issuance of Form (4) in both its paper and electronic forms and only issuing the electronic form
The letter, dated August 30, 2017, is addressed to the Chairman of the Board of Directors of a bank in Cairo, Egypt. It refers to previous correspondence regarding the requirement for banks to ensure that the value of imports exceeding a certain amount in US dollars is paid in Egyptian pounds through the Central Bank of Egypt. It also mentions the transition from paper-based to electronic import financing forms and the need to comply with the Ministry of Industry and Trade's decision to implement this change within three months. The letter emphasizes the approaching deadline of September 30, 2017, and requests the bank to stop issuing the paper form and only issue the electronic version, providing a printed copy to customers. It also highlights the importance of adhering to the new automated system and provides contact details for any technical issues.