2022-03-10

A circular dated March 10, 2022 regarding extending the period of excluding some food products from the cash cover requirements for one year

In Cairo on March 10, 2022, the Governor of the Central Bank of Egypt referenced a book dated December 21, 2015 and another published on March 23, 2021. He announced that starting from June 2022 until January 2023, banks will not be allowed to exchange old Egyptian pound notes and coins at a rate greater than 100%. This rule applies to individuals as well, with the exception of urgent transactions. The Central Bank also plans to end the process of exchanging old currency after January 2023. Therefore, it is recommended that individuals make use of this opportunity before it ends.

Egypt

Central Bank of Egypt

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