2022-12-18

A circular dated December 18, 2022 amending the controls for tightening control over gold export proceeds

In a letter dated December 18, 2022, the Central Bank of Egypt instructs banks to closely monitor gold export proceeds and take swift action if funds are not received within 7 working days from the date of shipment. If the bank's follow-up with the client for 3 days proves futile, the bank must notify the Central Bank, which will then instruct other banks to include the client on the defaulters list. The letter also emphasizes the importance of adhering to previous instructions regarding export proceeds for specific products, as per the directives of the Minister of Trade and Industry.

Egypt

Central Bank of Egypt

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