RegAlert
2017-10-04

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Circular dated October 3, 2017 regarding increasing the reserve ratio from 10% to 14%

The Central Bank of Egypt increases the mandatory cash reserve ratio that banks must hold at the central bank from 10% to 14%. This decision applies to the reserve period beginning on October 10, 2017, based on the average balances constituting the denominator of the ratio from September 10, 2017. Existing decisions of the Central Bank of Egypt Board of Directors regarding this matter remain in force.

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Cairo on: October 3, 2017

To: Chairman of the Board of Directors

Greetings,

Further to my letter dated May 23, 2017 regarding the reserve ratio, and in light of the improvement in indicators of the Egyptian economy, please be informed that the following has been decided:

  1. Increase the cash reserve ratio that banks are obliged to hold at the Central Bank of Egypt to become 14% instead of 10%.

  2. This decision shall apply from the reserve period beginning on October 10, 2017, regarding the average balances that constitute the denominator of the ratio from September 10, 2017.

  3. Continuation of the application of the decisions of the Board of Directors of the Central Bank of Egypt issued in this regard.

Please be informed and alert to take the necessary action to implement the aforementioned decision.

Accept my highest regards,

Gamal Najm

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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

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