The Ministry of Finance has issued a periodic letter, numbered 94 for year 2017 to apply the final ban decision for issuing paper checks for all the private funds and limiting repayments to being electronic starting from December 2017.
In a report issued on Tuesday, the Ministry of Finance has demanded all authorities of the state with funds and accounts of its which have not entirely activated the system of electronic payments to quickly continue the necessary procedures to enable them to use these accounts and private funds within the framework of creating this system.
Mohamed Moeit, deputy Minister of Finance for Treasury Affairs, said that all administrative parties with authority over funds and special nature accounts should address the Central Bank of Egypt (CBE) in order to deduct the amounts of to be paid from their private accounts in CBE to be added to the accounts of creditors in the central accounting unit specialized for this, and sending a copy of the letter to the central unit in order to add them to the account of the accounting unit.
Moeit pointed out that the Ministry of Finance is willing to provide all kinds of facilitations after it is addressed with what is necessary and needed to complete the entire electronic system. He also stressed the commitment of all financial officials in the state’s administrative body and local administrative units, in addition to the independent central bodies, and heads of directorates, financial observers, account managers and agents to provide accuracy in this aspect.
Moeit stressed that it is necessary for all bodies of the state with funds and special accounts to implement the system urgently before the end of November as it would be impossible to make any payments by that time outside of the electronic system.