Regulatory Alerts2013-08-04
Added · Updated
Priority in currency management for clients who have waived their foreign exchange proceeds as of 1/8/2013
The Central Bank of Egypt requires banks to prioritize the management of foreign currency for clients, including individuals and legal entities, who waived their foreign exchange proceeds starting from August 1, 2013. This priority applies specifically to the amount of foreign currency that was waived. The directive aims to maintain the efficiency of the foreign exchange market and meet the needs of various economic sectors.
Mr. Chairman of the Board of Directors Bank
Greetings,
I would like to refer to the letters issued on February 5, 2013, regarding the request to observe giving priority in the management of foreign currency for certain import operations as stated in that correspondence.
Continuing the policy of the Central Bank of Egypt to monitor foreign exchange market transactions in Egypt and ensure the efficiency of the foreign currency market and meet the needs of various economic sectors for foreign currency, I request taking the necessary measures to observe giving priority in the management of foreign currency for clients (natural persons - legal entities) who waived their foreign exchange proceeds starting from August 1, 2013, and within the limit of the amount waived.
Please accept my highest respect, Hisham Ramzy Abdel Hafez
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