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Finance Authority updates foreign currency finance rules
The General Authority for Financial Supervisory Authority has decided to amend the regulations governing non-banking financing in foreign currency. The amendments stipulate that the financing must be linked to import transactions, asset purchases, or repayment of obligations in foreign currency, with the requirement to attach documents confirming the completion of the transaction. Customers in free zones are exempt from this requirement. Additionally, the financing conditions related to factoring operations have been modified to specify that one of the parties must be an external entity. Customers can also be financed in foreign currency when appropriate guarantees are available, whether from a correspondent discounting entity or other guarantee providers, or upon the payment of dues to the foreign supplier.
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