2022-03-10

Circular dated January 10, 2022 regarding emergency liquidity instructions

In Cairo, on March 10th, 2022, the Central Bank of Egypt discussed the limitations imposed by the Law No. 93/1948 regarding the foreign exchange remittances and interest rates. The law dated December 21st, 2015, limited such transactions to a certain percentage for each type of currency. This was followed up by another rule on March 23rd, 2021, which further narrowed it down to a total of fifteen major currencies. As per the recent decision on March 15th, 2023, all those who perform these transactions will have to comply with this rule as it focuses on addressing citizens' needs, especially in managing savings accounts and bank deposits. Therefore, the bank has urged people to abide by this new directive.

Egypt

Central Bank of Egypt

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