Regulatory Alerts2021-09-30
A circular dated September 30, 2021 regarding the accounts related to the guardianship of money
In a statement on September 30, 2021, the Central Bank of Egypt (CBE) expresses its commitment to ensuring financial stability, protecting consumer rights, and facilitating conditions for banks to operate efficiently. Additionally, it addresses several issues regarding the application of banking procedures and transparency in public money management. The CBE highlights that it has introduced new measures aimed at improving account transparency, such as: - Opening zero-balance accounts for all banks chosen by executors, with withdrawals subject to approval by the Ministry of Justice. - Obtaining a Ministry of Justice certificate for each opened account. The CBE also urges compliance with these measures and requests the highest level of respect. The statement is signed by Hany Aly, Governor of the Central Bank of Egypt.