Regulatory Alerts2013-02-07
Added · Updated
Taking into account giving priority in managing foreign currency for import operations of some products
Banks are required to prioritize the procurement of foreign currency for import operations related to specific essential goods, including basic foodstuffs, production machinery and spare parts, intermediate goods and raw materials, petroleum products, pharmaceuticals, fertilizers, pesticides, and industrial oils and greases. This directive applies to all banks and mandates adherence to these priority categories when managing available foreign currency resources for client requests.
Cairo, 4 February 2013
With best regards,
With reference to the letter from the Vice Governor dated 14 January 2013, which includes "authorizing banks to establish a mechanism to determine priority for their clients' requests to purchase foreign currency from the bank's available resources," banks must observe giving priority in procuring foreign currency specifically for the import operations of the following:
- Basic food and supply goods
- Machinery, production equipment, and their spare parts
- Intermediate goods, production supplies, and raw materials
- Petroleum products and their derivatives
- Medicines, sera, and their specialized chemicals
- Fertilizers, pesticides, and their supplies
- Oils and industrial greases
Please be informed and take the necessary action in this regard.
With highest regards, Hisham Ramzy Abdel Hafez
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