ANNOUNCEMENT 28 Dec 2011In December 2011, the government of Egypt announced a change in the settlement of trade invoices.
NUMBER OF INTERVENTIONS
'1' Circular of December 28, 2011 of the Egyptian Central Bank (in Arabic language), http://www.cbe.org.eg/public/external_direct_transfer28.pdf
'2' ?gypten - Geldtransfers f?r Importe werden st?rker ?berwacht, GTAI article of April 04, 2012 http://www.gtai.de/GTAI/Navigation/DE/Trade/Recht-Zoll/zoll,did=553544.html
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.