Board of Directors decided Egyptian Central Bank, Extending the period for reconciling the positions of banks and exchange companies stipulated in Article 4 of the Central Bank and the Banking System Law, for a period of one year, ending on September 14, 2023, with regard to the minimum capital.
In the decision, which was published by the Egyptian Al-Waqa’i newspaper, the Central Bank said that the decision came following reviewing the Law of the Central Bank and the Banking System issued by Law No. 194 of 2020; And following the approval of the Board of Directors of the Central Bank in its session held on September 28, 2022.
According to the decision, the deadline for new banks and exchange companies ends until September of the year 2023, instead of September 15, 2022.
The decision stipulated increasing the paid-up capital of exchange companies and money transfer companies to 25 million pounds, and raising the minimum capital of banks to 5 billion pounds, instead of only 500 million pounds.
