Regulatory Alerts2022-08-22 | CBE7.2Added · Updated
CBE Regulation Book 7.2 - Instructions For Implementing The International Financial Reporting Standard 9 Experimental Application
The Central Bank of Egypt mandates Egyptian banks to apply IFRS 9 starting January 1, 2019, or July 1, 2019, depending on their financial year-end. Banks must submit experimental financial statements as of March 31, 2018, a Quantitative Impact Study (QIS), and quarterly IFRS 9 capital model reports. Additionally, banks are required to establish a 1% IFRS 9 credit risk provision against weighted credit exposures from the 2017 profit and submit implementation plans and business models to the CBE.
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