2023-07-24

A circular dated July 12, 2023 regarding the rules for licensing, monitoring and supervising digital banks

On July 24th, 2023, in Cairo: The Bank of Alexandria's board of directors have decided to discontinue the low-yielding program called "Goodbye Deposit," and will now focus on long-term deposits and following the established guidelines. They request that all banks follow this decision as per the Council of Ministers' approved resolution dated July 5th, 2023. The Bank of Alexandria is currently in the process of preparing to issue a new deposit with higher interest rates, effective every three months or sooner depending on market conditions and interest rates. The council kindly requests compliance with this decision, considering it from its date of approval.

Egypt

Central Bank of Egypt

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