{"id":326425,"date":"2022-10-27T11:07:47","date_gmt":"2022-10-27T11:07:47","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=326425"},"modified":"2022-10-30T11:09:37","modified_gmt":"2022-10-30T11:09:37","slug":"cbe-issues-regulatory-controls-for-forward-exchange-contracts-at-banks","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2022\/10\/27\/cbe-issues-regulatory-controls-for-forward-exchange-contracts-at-banks\/","title":{"rendered":"CBE issues regulatory controls for forward exchange contracts at banks"},"content":{"rendered":"
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The Central Bank of Egypt (CBE) issued on Thursday the regulations of forward exchange contracts at banks operating in Egypt.<\/span><\/p>\n

The new controls allow banks to carry out forward exchange operations for corporate clients, to hedge against risk as they protect customers from unexpected or adverse movements in the currencies\u2019 future spot rates. <\/span><\/p>\n

The Central Bank of Egypt clarified in a letter sent to banks on Thursday that these operations include documentary credits, collection documents, supplier facilities, transfers of profits of foreign shareholders abroad with a fixed date, and proceeds of commodity and service exports received by the bank\u2019s customers, provided that the bank obtains a proof that the transaction is commercial taking into account that customers are not allowed to carry out such operations for speculative purposes.<\/span><\/p>\n

The CBE also decided to allow banks to carry out forward exchange operations with local banks for non-speculative purposes, provided that their purpose is to protect customers from unexpected or adverse movements in the currencies\u2019 future spot rates.<\/span><\/p>\n

The CBE clarified that it abolished the ban on carrying out any non-deliverable forward exchange operations for clients from banks, institutions or individuals, and allowed banks to carry out non-deliverable forward exchange operations for corporate clients only to protect them from unexpected or adverse movements in the currencies\u2019 future spot rates.<\/span><\/p>\n<\/div>\n

<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Central Bank of Egypt (CBE) issued on Thursday the regulations of forward exchange contracts at banks operating in Egypt.<\/p>\n","protected":false},"author":2,"featured_media":320293,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,33],"tags":[],"class_list":["post-326425","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main"],"yoast_head":"\nCBE issues regulatory controls for forward exchange contracts at banks - egy-africa<\/title>\n<meta name=\"description\" content=\"The Central Bank of Egypt (CBE) issued on Thursday the regulations of forward exchange contracts at banks operating in Egypt.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/egy-africa.com\/en\/2022\/10\/27\/cbe-issues-regulatory-controls-for-forward-exchange-contracts-at-banks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBE issues regulatory controls for forward exchange contracts at banks - 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