Regulatory Alerts2014-12-11
Added · Updated
Amending instructions for money market funds
The Central Bank of Egypt amends the minimum guidelines for banks establishing money market funds by raising the maximum limit for total invested funds in money market and fixed income funds to 7.5% of total local currency deposits or 50 times the bank's capital, whichever is lower. Banks must restrict subscribers to existing customers only, requiring KYC verification, and grant a six-month grace period for non-customer subscribers to regularize their status. Banks exceeding these limits are prohibited from issuing new investment documents to current or new clients until compliance is achieved.