2021-03-31

A circular dated March 31, 2021 regarding extending the period of exempting banks from the application of Clause Two contained in the instructions for concentration ratios in the credit portfolios of the 50 largest clients and related parties issued on January 11, 2016.

The Central Bank of Egypt's Board of Directors held an extraordinary meeting on March 28, 2021, and decided to extend the exemption from applying the second phase of the Net Foreign Assets (NFA) limit for banks. This decision was made pursuant to a 2016 central bank regulation, which originally set a cap on NFAs for the top 50 banks and their related parties until December 2021. The board also postponed the implementation of individual and sectoral requests under risk limits specified in the second phase of the 2019 regulatory amendments until further notice."

Egypt

Central Bank of Egypt

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