Regulatory Alerts2024-07-01 | CBE7.4.2.3CBE Regulation Book 7.4.2.3 - Instructions For Applying The International Standard During The Coronavirus Crisis
The document outlines instructions for Egyptian banks regarding the application of the International Financial Reporting Standard (IFRS) 9 during the COVID-19 crisis. It allows banks to issue abbreviated quarterly financial statements while requiring annual comprehensive statements by the end of their fiscal years. It also addresses the 6-month deferral of credit installments for customers, which should not be considered a significant indicator of increased credit risk. Banks are instructed to review models used for calculating expected credit losses, assess the quality of their information systems, and ensure the accuracy of expected credit loss calculations. The Central Bank of Egypt aims to maintain the stability of banks' financial positions and the quality of their assets.