2017-02-27

A circular dated February 27, 2017 regarding the conditions that must be met to include interim profits/losses within the capital base of the capital adequacy standard.

Cairo, Egypt on February 27, 2017: The Governor / Chairman of the Board of Bank of Egypt announced after referring to the instructions issued by the Central Bank of Egypt on December 24, 2012 regarding the minimum capital adequacy ratio that included conditions required for provision of partial reserves in the core deposit base. The Central Bank of Egypt's board of directors decided on February 15, 2017 to amend these instructions. This would allow banks to include net profits as part of their core deposits without any restrictions, however, losses will be disclosed without conditions.

Egypt

Central Bank of Egypt

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