A statement issued by the Central Bank of Egypt:

Newspaper Title: Cabinet Egypt

Newspaper Number:

Monday - 15 May 2023

The Central Bank has updated regulations governing exchange companies and their licensing, monitoring, and supervision.This is in accordance with the requirements of the Central Bank Law and the Banking System Law.

Exchange companies are important complements to the banking sector.The updates aim to keep up with developments in the exchange sector and enhance management efficiency.

The rules are prepared in accordance with international best practices and tailored to the nature of exchange companies' business in Egypt.

The instructions include requirements and procedures for licensing and registration, including the minimum issued and paid-up capital.

The supervision and oversight rules applied to exchange companies have been updated.Important requirements have been added, such as rules for ownership in the capital of those companies and mergers.Exchange companies have been given a one-year deadline to comply with the requirements.

Source : Egypt Cabinet

Translated by Rehab Taha

Cairo Chamber