Egypt’s Central Bank Extends Gold Export Monitoring Period to 75 Day

On Tuesday, the Central Bank of Egypt (CBE) announced an extension to the monitoring period for the receipt of proceeds from gold exports, now set at 75 days from the date of shipment.

This decision is part of ongoing efforts to bolster Egypt’s gold industry and streamline the export process.

In a letter addressed to banks, the Central Bank explained that this extension is designed to address the needs of exporters and reduce the obstacles they face in their operations. By providing a longer timeframe, the Central Bank aims to offer greater flexibility to exporters, encouraging growth within the gold sector.

Previously, on December 18, 2022, the Central Bank had shortened the monitoring period for gold export proceeds to seven working days.

However, certain exceptions were made, particularly for operations involving gold exported for manufacturing abroad and then re-imported, gold imported for local manufacturing and subsequent re-export, and the export of gold jewelry. For these specific cases, the monitoring period was initially set at 30 days.