Regulatory Alerts2025-08-12
Periodic book on August 12, 2025 on the settlement of points of sale
This is a letter addressed to bank managers. It references Article 212 of the Central Bank and Banking System Law No. 194 of 2020, which mandates that transactions within the Arab Republic of Egypt must be in Egyptian pounds unless otherwise stipulated in an international agreement or law, or in cases determined by a decision from the Board of Directors. It also refers to the periodical book dated June 18, 2023, regarding the modification of software applied to electronic point-of-sale (POS) devices or their special converters, so that dealing in discount operations in foreign currency within the Arab Republic of Egypt is not accepted, except after obtaining the necessary approvals in this regard. Banks must ensure that settlements within the Arab Republic of Egypt are processed exclusively in Egyptian pounds via electronic POS systems. Banks are instructed to inform their clients accordingly, ensuring the provision of foreign currency needs according to their bank's policies. This directive is effective starting Sunday, August 17, 2025.