CBE Circular Amending the Regulations of FX Forwards and FX Swaps Transactions Carried out by Banks
On 27 October 2022, the Central Bank of Egypt (the “CBE”) issued a circular (the “Circular”) (i) amending the CBE circular dated 7 June 2009 regulating FX Forwards transactions carried out by banks; and (ii) repealing the CBE circular dated 1 March 2007. Below are the key highlights of the Circular: Amendments to the CBE […]
read moreFRA issues New Amendments to the EGX Listing Rules
In an effort to encourage the listing of securities on the Egyptian market, the Financial Regulatory Authority (“FRA”) issued Decree No. 73 of 2022 (the “Decree”) amending the FRA Decision No. 11 of 2014 which regulates rules for listing and delisting securities (the “Listing Rules”) on the Egyptian Stock Exchange (the “EGX”). The Decree was […]
read moreFRA Decree Amending the Dispute Resolution Mechanism provided in Several Template Agreements
The Financial Regulatory Authority (“FRA”) enacted Decree No. 1305 of 2022 (the “Decree”) amending the existing FRA decrees issuing the following template agreements: (i) the financial leasing and factoring agreement issued by Decree No. 177 of 2019 (the “Financial Leasing and Factoring Agreement”); (ii) the consumer finance agreement issued by Decree No. 869 of 2021 […]
read moreFormation of the Public Private Partnership Projects Committee
On 27 October 2022, the Prime Minister issued a decree No. 3827 for the year 2022 (the “Decree”) forming a committee of experts in financial, technical, environmental and legal affairs to study and examine projects to be implemented in accordance with Law No. 67 for the year 2010 regulating the public partnership with the private […]
read moreAntitrust Update: Introduction of the Pre-Merger Clearance Regime
After several months of debates, the Egyptian Parliament has given its final approval on the new draft law amending the Egyptian Competition Law No. 3 of 2005 (the “Amendments”). The Amendments introduce the much-anticipated pre-merger control regime replacing the existing post-merger notification regime. The Amendments aim at combatting harmful monopolistic practices while ensuring healthy competition […]
read moreEgypt’s Central Bank Hikes Key Interest Rates by 2% and Currency Slides to Record Low
In an exceptional unscheduled meeting convened on October 27th, 2022, the Central Bank of Egypt (“CBE”) lifted the deposit and lending rate by 200 bps to reach 13.25% for the overnight deposit rate and 14.25% for the overnight lending rate. In a statement released on Thursday morning, the CBE stated that the decision is primarily […]
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