Kadmar Circular No. 39/2018
Kadmar Circular No. 39/2018
kadmar Posted on Wednesday, July 25, 2018
Central Bank of Egypt Instructions Regarding Vessels Transiting Suez Canal



We attach herewith the instructions received by our Bank “CIB – Port Said Branch“ quoting the Central Bank of Egypt instructions re vessels transiting Suez Canal.

QUOTE

Port Said 16/05/2018

To: CIB Esteemed Clients

Subject: Instructions received in regard to shipping companies

Reference to above mentioned subject and according to regulatory instructions for the shipping industry in Egypt stating the following:

1 – A new account ( or several accounts ) in foreign currency is required for each shipping client. We herby, Suez Canal Authority payments and dues will only be paid from these accounts designated for such purpose will be accepted only after clearing balances in such account.

2 – Subject accounts will only receive inward remittances from abroad. (internal transfers, cash deposits are not allowed).

Based on the above mentioned new regulations, it is worth highlighting that Suez Canal Authority fees will only be paid through inward transfers from abroad.
Whereby, CIB will not extend any facilities for such purpose, except in case the mentioned facilities are secured by PLCs.

Subject regulations will be effective from June 3rd 2018.

Best regards,
Commercial International Bank

UNQUOTE

In regard to this instructions, kindly note that it will be impossible for any vessel to transit Suez Canal in case no funds received from Banks out of Egypt.

So please make sure funds for any vessel to be received in our bank account with 3 days prior to vessel arrival date enabling us to arrange necessary for transit Suez Canal without any delay.

Please be guided accy
Kadmar Shipping Co.

CIB Letter