Art. 107 -- Determination and payment of the Suez Canal dues

(1) The SC dues rates are determined on the basis of SDR Units (SDR means Special Drawing Right )

(2) Dues calculated on this basis are payable in one of the hard currency declared by the Exchange Control according to rates of currencies in relation, to SDRs as declared by the International Monetary Fund.

(3) Following are the acceptable currencies for payment of dues :

The Sterling Pound	The U. S. Dollar
The Canadian Dollar	The Danish Kroner
The Swedish Kroner	The Norwegian Kroner
The Belgian Franc	The French Franc
The Italian Lira	The Deutsch Mark
The Japanese Yen	The Florin (Nethnerlands Guilder)
The Austrian Schilling	The Swiss Franc

(4) Canal dues may be paid in Egyptian pounds in the following conditions :

• Vessels under Egyptian flag.
• The owner's nationality is Egyptian - Meanwhile he is not subject to any of the investment laws.
• If the time charter, is Egyptian, in this case chartering agreements must be introduced.
  

(5) Accordingly, shipowners, charterers or agents dealing with SCA are requested to include in the Statistical Declaration submitted to the Authority by dues payers a statement of the kind of currency in which dues will be paid.

(6) The Central Bank of Egypt, Cairo, shall furnish SCA, Ismailia, every day with a list of rates of hard currency in relation to SDRs according to the bulletin of the International Monetary Fund taking into consideration that the latter does not issue bulletin on SDR on Saturdays and Sundays due to official and weekly holidays, as well as on official holidays of the IMF.
Accordingly, rates given in the latest IMF bulletin notified to SCA by the Central Bank of Egypt shall be applied. This, consequently requires considering rates notified on Saturday morning a basis for calculating dues on Saturday, Sunday, Monday of every week as well as on the IMF holidays. Therefore, the basic rule is to apply the latest bulletin of currency rates in relation to SDR Units, issued by the IMF and furnished to the Authority by the Central Bank of Egypt.

(7) Transit dues and services related to, have to be paid in any of the hard currency fixed for the payment of dues by the debit of the following accounts :

• Accounts for the SC transit dues.
• External non-resident accounts in foreign currencv.
• Free non-resident accounts in Egyptian Pounds.

(8) Accounts for payment of transit dues -which are permissible for Banks to open.
Banks can open the following Accounts in foreign currency for the payment of transit dues and for services related to

• Transit dues accounts :
  These accounts are opened in the name of non-resident for owners or charterers of foreign ships or in the name of their consignees in Egypt. They bear no specific quality and are fed by any acceptable hard currency in which dues are payable.
  Retransferring from these accounts abroad at the request of their owners of their agents in Egypt, is possible.
  
• Accounts of advance payments for paying transit dues :
  These accounts are opened in the name of SCA and are fed by funds credited in hard currency for paying the Canal transit dues, for the account of non-resident foreign shipowners and charterers.
  These accounts are used for payment of transit dues and related services due on foreign vessels belonging to these owners.
  It is possible to retransfer any balances of these accounts according to the request of the SCA in the same currency received from abroad to feed them.

(9) Exemption of Canal dues:
The following vessels may be exempted from Canal dues

• a) Vessels belonging to the Egyptian Government, on condition that it did not carry any cargo or passenger.
• b) Vessels belonging to United Nations, Multi-National Troops.
• c) Vessels under 300 tons SC.G.T. (Small Craft) in condition that:

  i - She is not carrying any passengers or cargo.

  ii - She is not replacing any ship or any small craft subject to pay Canal dues.

• d) Motor boats belonging to Canal shipping Agents, on condition that she is not carrying passengers.