Regulatory Alerts2022-04-18 | CBE7.2Added · Updated
CBE Regulation Book 7.2 - Instructions For Implementing The International Financial Reporting Standard 9 Final Application
The Central Bank of Egypt mandates that banks apply IFRS 9 for financial statements ending December 2019 (for annual reporters) and June 2019 (for semi-annual reporters). Banks must validate Expected Credit Loss (ECL) models, establish a General Risk Reserve to absorb IFRS 9 provisions, and define business models for financial assets. Specific rules include a 45% Loss Given Default (LGD) rate for certain assets, exclusion of specific government securities from ECL, and requirements for internal audit assessments and capital adequacy calculations.
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