Circular dated December 23, 2021 regarding extending the exceptions for participation in bank board meetings via video or telephone until the end of 2022

Cairo on: 23 December 2021

Dear Chairman of the Board of Directors of the Bank,

Greetings,

With reference to the elevated circulars numbered 23 dated August 2011, which address the exceptions for participation in bank board meetings via video or telephone, and considering the circular numbered 17 dated 2020, which amended the aforementioned circulars to allow for the continuation of these exceptions during the period of the coronavirus pandemic, which was extended until the end of 2020, and considering that the exceptional circumstances resulting from the spread of the virus have continued, and considering the circular numbered 23 dated November 2020, which extended these exceptions until the end of 2021;

And considering that the banks have continued to benefit from these exceptions during the aforementioned period, and considering that the Board of Directors of the Central Bank of Egypt, in its meeting held on December 21, 2021, has decided the following:

Extending the application of the exceptions contained in the circular dated November 23, 2020, until the end of December 2022, with the continued validity of the remaining provisions of the circulars issued on January 29, 2019.

We appreciate your attention to taking the necessary action regarding the aforementioned decision.

Yours sincerely,

Gamal Naguib