The Central Bank of Egypt has updated the instructions regulating foreign exchange companies and the rules set for licensing, monitoring, and supervising them, the bank stated on May 14th.
The update aims to boost the companies’ performance and management efficiency.
The bank’s new instructions involve the requirements and procedures related to licensing and registration, including the minimum limit of the issued and paid-up capital.
However, the updated monitoring and supervision rules applied to exchange firms comprise the requirements of the automatic operation, governance, and outsourcing systems, along with the rules governing acquisitions and mergers.
Accordingly, foreign exchange companies have been given a one-year period to fulfill the requirements as of the date of the instructions’ issuance, the bank noted.
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