The Central Bank of Egypt (CBE) gave foreign exchange companies one-year period to fit new requirements set by the bank to boost process efficiency.

The one-year period will be given to companies since the date of the instructions’ issuance, which was May 14. 

The bank has updated the instructions governing foreign exchange companies and the rules set for licensing, monitoring, and supervising them.

The update aims to boost the companies’ performance and management efficiency.

The bank’s new instructions include requirements and procedures related to licensing and registration, as well as 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.