Egypt allows banks to issue electronic money units

However, only banks supervised by the CBE will be permitted to issue such units and approval must be gained in advance

  
Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. Image used for illustrative purpose.

Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. Image used for illustrative purpose.

REUTERS/Mohamed Abd El Ghany
 
CAIRO: The Central Bank of Egypt (CBE) has allowed lenders in the country to issue electronic money units.


However, only banks supervised by the CBE will be permitted to issue such units and approval must be gained in advance.

“This system monitors the payment orders of electronic money units and the issuance of detailed ‘Trail Audit’ reports on payment orders, while linking operations with system users and service providers,” the CBE said in a statement.

The central bank said that any systems issuing electronic money units that are unable to issue reports correctly — whether intentionally or unintentionally — will be considered to be in breach of CBE rules.

Electronic money units cannot be issued unless the equivalent cash amount in Egyptian pounds is deposited with the issuing bank, it added.

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