The board of directors decided Central Bank of Egypt, Extension of one year, until September 14, 2023, the term for conciliation of the positions of banks and exchange companies, provided for by article 4 of the Central Bank and by the Law on the Banking System, with regard to the minimum capital.
In the decision, published by the Egyptian newspaper Al-Waqa’i, the Central Bank stated that the decision came after the revision of the Law of the Central Bank and the Banking System issued by Law no. 194 of 2020; And after the approval of the Board of Directors of the Central Bank in the session of 28 September 2022.
According to the decision, the deadline for new banks and foreign exchange companies expires until September of the year 2023, instead of September 15, 2022.
The decision included raising the paid-up capital of exchange and money transfer companies to £ 25 million and raising the minimum capital of banks to £ 5 billion, instead of just £ 500 million.
