CBE confirms commitment of banks to review the reports of pending foreign exchange measures applications

 Today, the Central Bank of Egypt issued a periodic book on the review and purification of foreign exchange application reports. It directed banks towards a full commitment to review pending foreign exchange application reports that are submitted periodically to CBE, while emphasizing the removing of measure applications that customers refrained from implementing in accordance with the exchange rate on the day of implementation.

The Central Bank's statement stated that banks should thoroughly review those reports and clear the data sent to avoid the inclusion of any non-existing applications, in order to know the actual volume of foreign exchange applications by banks.

This is part of efforts to meet foreign exchange demand of customers through the banking sector, with the aim of regulating the exchange market system, as well as supporting foreign exchange trading through legitimate channels.