Regulatory Alerts2022-01-01
Decision No. 1378 of 2022 Amending Decision No. 843 of 2022 on the Accounting Treatment for Foreign Exchange Rate Changes Against the Egyptian Pound
The General Authority for Financial Supervision (GAFI) issued Decision No. 1378 of 2022 to amend the accounting treatment for foreign exchange rate fluctuations against the Egyptian Pound under its prior Decision No. 843 of 2022. This amendment introduces a mandatory requirement for regulated entities to obtain GAFI's prior approval before applying specific accounting treatments for foreign currency exchange rate changes. Effective the day after its August 16, 2022 issuance, the decision was published in the Egyptian Gazette and on GAFI's official website following statutory consultations with the Egyptian Insurance Union.
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