2014-12-11

Amending instructions for money market funds

In a letter dated December 8, 2014, the Chairman of the Board of Directors of a bank in Cairo, Egypt, communicates amendments to the regulations that banks must follow regarding money market funds and fixed-income funds. The changes include setting a maximum limit on the total amount of funds that can be invested in these funds, restricting subscriptions to the bank's clients only, and requiring existing subscribers who are not clients to regularize their status within six months. Banks that exceed these limits are instructed to stop issuing new investment documents until they comply with the regulations.

Egypt

Central Bank of Egypt

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