Global Trade Alert

On 28 December 2011, Egypt's Central Bank has tightened the rules for import-related transfers of funds abroad. After the introduction of the new rules, commercial banks must collect all documents related to transfers of funds abroad, which are linked to imports of goods. Customers of commercial banks must certify that they have not forwarded these documents to other banks. Previously, it was possible for businessmen to transfer capital abroad without the obligation to actually import the respective goods.