Regulatory Alerts2013-04-29
Added · Updated
Tightening control over export earnings for some products
The Central Bank of Egypt requires banks to issue a banking certificate to customs before shipment for specified products, contingent on receiving a written undertaking from the exporter regarding the expected arrival period of export proceeds. Banks must verify instructions directing these proceeds to the issuing bank and report to the Central Bank if proceeds are not received within 180 days or if the exporter fails to provide valid arrival details within one year. The Ministry of Industry and Foreign Trade mandates that exporters of these goods settle their full value in convertible foreign currency through Egyptian banks via letter of credit or pre-shipment transfer, and requires weekly reporting of shipments to the Ministry and Customs.
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