Regulatory Alerts2023-06-14
A circular dated May 14, 2023 regarding the rules of licensing, control and supervision of exchange companies
On June 14, 2023, the head of the Central Bank of Egypt stated that small and medium-sized companies would still be subject to temporary loan adjustments with instructions to apply International Accounting Standards (IAS) No. 9 until the end of June 2024. The Central Bank's board meeting on May 13 decided to continue implementing the following actions in compliance with IAS 9: - First, employees will be included in the third stage in case of non-compliance with loan conditions, such as existing debts exceeding 180 days (previously 90 days under IAS 9 guidelines). - Second, employees who have met all the quantitative and qualitative conditions required by the second stage and settled overdue payments for a period of 90 days will be upgraded to the second stage.