Regulatory Alerts2013-01-14
Added · Updated
Circular dated December 29, 2012 regarding the rules regulating the balance limits in banks’ currency positions
The Central Bank of Egypt establishes specific limits for currency position surpluses and deficits for banks operating in Egypt, including foreign branches, effective December 30, 2012. Surplus limits are set at 1% of the capital base for any single foreign currency and 2% for the total foreign currency surplus, while deficit limits are 10% for any single currency and 20% for the total deficit across all currencies. The Egyptian Pound balance is subject to a 10% limit, and daily ratios must not exceed double the specified limits during the day. These rules apply to the definition of the capital base as per Basel standards and supersede previous instructions where inconsistent.
Topics
capital
fx
Share