Egyptian banks are refusing to accept transfers or recognize invoices from clients of Egyptian exporters in Sudan, Libya and Syria.
The banks are following verbal instructions from the central bank not to accept transactions from certain Arab and African countries, including Qatar, Libya, Syria and Sudan, claiming that they do not apply international laws against money laundering. They are also suspected of transferring funds to human rights organizations and NGOs that may be misused.
Meanwhile, the Chemical and Fertilizers Export Council received many complaints against this restriction.
“Egyptian exporters are unable to collect their money,” said council chairman Walid Helal. “The Arab Bank and the National Societe Generale Bank refused transfers from a Sudanese company.”
Helal called on Minister of Commerce, Industry and Investment Mounir Fakhri Abdel Nour to solve the problem.
“There must be a solution since our chemical exports to Libya were LE1.2 billion in 2013 and LE0.7 billion to Sudan," he added. “Egyptian exporters have documents proving those transfers are for products they sold in these countries.”
Edited translation from Al-Masry Al-Youm
