CBE sets new measures for gold exports to support Egyptian pound

According to the circular, CBE instructed the banks to disclose the details of clients who fail to transfer the proceeds of the gold exported from the Egyptian market within seven days from the shipment date.

CBE directed the banks to give clients a grace time of three days to meet the requirements of shipment details disclosure and to transfer its proceeds which are collected in US dollar.

In the event that the client fails to transfer the proceeds, CBE will send details of the client to the banks to ensure excluding him from making any similar transactions in the future, according to the circular.