CBE Updates Licensing, Control Rules for Currency Exchange Companies

The Central Bank of Egypt (CBE) issued an update to the current instructions regulating currency exchange companies and the rules for licensing, monitoring and supervising them.

This comes in line with developments in the work of the exchange companies sector, supporting their performance and enhancing the efficiency of their management.

CBE said in a statement, Sunday, that the new regulations and instructions comes in light of the requirements of the Central Bank and Banking System Law, and in belief in the important role of exchange companies that complement the role of the banking system.

"It should be noted that the rules have been prepared in accordance with the best international practices followed in this regard and in a manner appropriate to the nature of the work of exchange companies in Egypt," the bank said.