Circular dated January 6, 2021 regarding local transfers in the Egyptian pound

The Central Bank of Egypt mandates that banks execute local Egyptian pound transfers within specific timeframes: within two hours for same-bank transfers and within two hours for outgoing transfers to other banks, with beneficiary banks required to credit accounts within one hour. The circular abolishes fees charged by beneficiary banks for incoming transfers, requires the implementation of Straight-Through Processing (STP), and increases the Central Bank of Egypt Automated House Clearing system's daily settlement windows from two to four starting February 1, 2021. Banks are granted three months to comply with the settlement and STP requirements and six months for other provisions, while also being required to disclose fees, prioritize electronic payment costs over paper ones, and validate IBANs.

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Cairo on: January 6, 2021
Dear Sir/Chairman of the Board,
Greetings,

With reference to the circular letter dated June 21, 2020, which included the necessity of supporting infrastructure and transfer departments in banks to enable the execution of customer transfer requests on the same day, thereby gaining their trust and encouraging them to reduce the use of circulating cash, and in light of the efforts made to enhance financial inclusion, particularly regarding the development of payment systems to strengthen the necessary infrastructure to raise the efficiency of banking transactions and make them available at appropriate prices,

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Lineage: In force

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Source: Central Bank of Egypt — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works