Regulatory Alerts2018-08-26
Added · Updated
Circular dated August 16, 2018 regarding the definition of companies and establishments owned or managed by women
The Central Bank of Egypt defines companies and establishments owned or managed by women for statistical purposes as those where one or more women hold at least 51% of capital, or at least 20% of capital and at least one executive director or deputy position. Banks must update their databases to reflect this definition for new accounts immediately and for existing accounts within five years, applying regardless of company size. Banks are required to report these entities to the Egyptian Credit Bureau and the Central Bank's credit registration system.