2017-03-02

Added 2024-09-20 · Updated 2026-08-02

Circular dated March 1, 2017 regarding temporary facilities granted in foreign currencies

The Central Bank of Egypt establishes guidelines for banks to manage temporary foreign currency facilities for companies with annual sales under 500 million Egyptian pounds and outstanding debts not exceeding 5 million US dollars. Banks must conduct individual credit studies to restructure debt, cover 100% of the liquidity gap using local currency loans at the execution exchange rate, and apply a maximum debtor interest rate of 12% (declining) for the first two years. For non-cooperative companies, banks must apply a 1% local currency deposit rate on cash collateral and a 3.62% annual interest rate on foreign currency balances, while also reviewing credit limits for import financing.

Egypt

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