Regulatory Alerts2013-06-17
Added · Updated
Banks' emergency plan to maintain cash balances
The Central Bank of Egypt requires banks to establish an emergency plan to maintain cash balances sufficient to continue deposit and withdrawal operations for at least five working days. Banks must also provide minimum reserve amounts at each branch, in addition to the main cash vault, taking into account geographic distribution to meet provincial needs and avoid concentration in Greater Cairo.
Cairo, June 16, 2013
Dear Sir, Chairman of the Board of Directors, Tahya Misr Bank
In pursuit of the Central Bank of Egypt's goal to align with international practices, and in light of current circumstances, your bank is required to fully comply with the following:
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Establish an emergency plan to maintain cash balances that enable the bank to continue deposit and withdrawal operations for a period of no less than 5 working days.
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Provide the minimum amount of reserve funds that must be available at each of your branches, in addition to the main cash vault, taking into account the geographic distribution according to the bank's branch network to meet the needs of governorates and avoid concentration in Greater Cairo.
Please accept our highest regards,
Gamal Naguib
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