Banks now have until 14 September 2023 to comply with the new capital requirements required by the 2020 Banking Act after the central bank agreed to extend the deadline by another year, according to a decree published in the Official Gazette.
This is the second year-long extension the CBE has granted banks. The central bank has not publicly commented on the reasons for the extension.
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The requirements: Under the legislation, banks have to have at least EGP 5 bn in liquid assets, a tenfold hike from previous minimim.
Foreign lenders’ minimum capital was raised threefold to USD 150mn, while forex bureaus’ increased fivefold to EGP 25 mn.
