2020-05-05

A circular dated May 5, 2020 regarding the implementation of the International Financial Reporting Standard (IFRS9) in light of the Corona crisis

In light of the challenging circumstances due to the COVID-19 pandemic and its impact on the banking sector, the Central Bank of Egypt has decided to postpone the deadline for banks to prepare their financial statements according to IFRS 9. The deadline has been extended from June 30, 2020, to June 30, 2021. Additionally, the grace period for banks to comply with the requirements of the March 15, 2020, circular and its subsequent circulars has been extended by six months.

Egypt

Central Bank of Egypt

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