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CBE orders banks to accept cash deposits in foreign currency: Industry minister Accepting cash deposits is a step to restore growth rates in Egyptian exports in various markets and sectors, says Qabil
Minister of Industry and Foreign trade Tarek Qabil announced that the Central Bank of Egypt (CBE) has instructed all banks to accept cash deposits in foreign currency from exports to Libya, Syria, Sudan, Palestine, Iraq and Yemen, according to a number of conditions set by the CBE. Qabil said in a press statement that this step comes in the context of the government's efforts to stimulate exports, after intensive negotiations between the ministry and the CBE's governor. Qabil pointed out that the conditions set by the CBE stipulate that the deposits' value is commensurate with the size and nature of the usual client activity and the value of the export process documents. In addition, exporters must provide a copy of the customs declaration showing the exports and the value of exports approved by the competent customs. The minister added that this declaration copy should be adopted by the General Organization for Export and Import Control (GOEIC) and the Ministry of Industry. Then exporter must submit this adopted declaration to the concerned bank to deposit the amount requested for export. "This action is the beginning of a series of decisive decisions and procedures that the ministry targets during the current period to restore growth rates in Egyptian exports in various sectors and markets," Qabil said. "All business communities have been informed, in particular the Federation of Egyptian Industries, Federation of the Egyptian Chambers of Commerce and export councils to immediately start implementation to the increase Egyptian exports to these markets."
