Regulatory Alerts2013-05-12
Added · Updated
Amending the controls of banks’ money market funds
The Central Bank of Egypt reduces the maximum limit for a bank's participation in the total of its money market funds to 2% of its paid-up capital, including fixed income funds, from the previous 5%. It sets a maximum aggregate investment limit in money market and fixed income funds at 7.5% of total local currency deposits or 50 times the participation limit, whichever is lower, while maintaining compliance with Capital Market Law No. 95 of 1992. Banks exceeding these limits must cease issuing any new investment documents for existing or new clients until they comply.
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Topics
capital
monetary
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