Prime Minister issues decision regulating dealing in foreign, currency
Egypt, Economics, 3/27/2003

Egypt's Prime Minister Atef Ebeid Monday issued a decision regulating dealing in some resources of foreign currency.

The decision is binding on ministries and agencies affiliated to them, public economic and services organizations, public business sector companies, companies, individuals and establishments of the private sector which receive foreign currency in return for their activities.

These organizations should have a regular register of their activities for which they receive foreign currency.

The Ministry of Foreign Trade and other authorities concerned will supervise registration and ensure that foreign currency is transferred to accredited banks operating in Egypt.

These organizations should sell to banks 75 percent of the foreign currency they receive and deposit 25 percent in special accounts to finance their needs.

The foreign currency proceeds should be sold to banks within one week of their receipt.

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