2017-11-28
Added · Updated
The circular reinstates the pre-December 29, 2012 limits for banks' currency positions, setting the threshold for surplus or deficit in any single foreign currency at 10% of the capital base and the total surplus or deficit in all currencies at 20% of the capital base. The surplus or deficit in the local currency position is also subject to a 10% limit. Banks must adhere to these limits by the end of each business day starting December 1, 2017, and are required to report any excess that exceeds double the specified limits within the same day.
CBE published 2 documents in the last 30 days — get each new one by email the day it lands.
Cairo: November 28, 2017
Dear Chairman of the Board of Directors
Bank
Greetings,
With reference to the circular letter issued on September 16, 1993, regarding the rules governing balance limits in currency positions at banks, and to its subsequent circular letters, the last of which were the instructions issued on December 29, 2012, which reduced the limits that the surplus in currency positions must not exceed due to considerations required by that period. In this regard, please be informed that it has been decided to revert to the limits applied before the instructions issued on December 29, 2012, as follows:
Regarding the value of the surplus or deficit in foreign currency positions at any bank operating in Egypt, including branches of foreign banks:
The surplus or deficit in the local currency position is subject to the mentioned limit at 10% of the capital base.
Banks must adhere to the prescribed limits starting from December 1, 2017, at the end of each business day, and the surplus or deficit ratios in any currency position and the total surplus or deficit in currency positions must not exceed twice the mentioned limits during the day.
The remaining provisions of the relevant instructions apply to what is not mentioned above.
Please be so kind as to alert regarding taking the necessary action in this regard.
Note from RegAlert. AI assistants can read this document in full, and search 70,000+ more, through the RegAlert MCP connector (https://mcp.regalert.today/mcp). Free with an account. How to connect ChatGPT, Claude or Cursor.
Source: Central Bank of Egypt — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
More like this from CBE
CBE published 2 documents in the last 30 days. We email you each new one the day it's published.
FX rules change often. Get an email the day any regulator we track changes its foreign-exchange rules.