{"id":544572,"date":"2022-03-10T04:00:38","date_gmt":"2022-03-10T04:00:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/banks-have-until-september-to-comply-with-new-capital-requirements\/"},"modified":"2022-03-10T04:00:38","modified_gmt":"2022-03-10T04:00:38","slug":"banks-have-until-september-to-comply-with-new-capital-requirements","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/banks-have-until-september-to-comply-with-new-capital-requirements\/","title":{"rendered":"Banks have until September to comply with new capital requirements"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Banks now have until 14 September to comply with the new <\/strong><strong>capital requirements<\/strong> in the 2020 Banking Act after the central bank agreed to extend the deadline by a year, according to a<a href=\"https:\/\/ent.news\/2022\/3\/OfficialGazette-8March.pdf\">decree published in the Official Gazette (pdf)<\/a>.<\/p>\n<p><strong>The rules:<\/strong> Under the legislation, banks have to have <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/22\/commercial-banks-could-see-capital-requirements-rise-tenfold-under-banking-act-amendments\/\">at least EGP 5 bn<\/a> in liquid assets, a tenfold hike from previous rules. Foreign lenders\u2019 minimum capital was raised threefold to USD 150mn, while forex bureaus\u2019 increased fivefold to EGP 25 mn.<\/p>\n<p><strong>Why the extension?<\/strong> After the bill was signed into law in September 2020, banks were initially given a year to comply with the rules, but the legislation allows the central bank to extend this period by another two years. The CBE has not publicly commented on the reasons for the extension.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Banks now have until 14 September to comply with the new capital requirements in the 2020 Banking Act after the central bank agreed to extend the deadline by a year, according to adecree published in the Official Gazette (pdf). The rules: Under the legislation, banks have to have at least EGP 5 bn in liquid [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":544573,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7350],"tags":[204,72,343],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544572","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-enterpriseam","tag-regulation","wpautop","entry"],"acf":{"mongo_id":"d63d760d-474b-4d7b-afe2-3f0e66fcc7b2","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/3\/124.jpg","photo_position":"above","related_issue":[544564],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Banks have until September to comply with new capital requirements - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/banks-have-until-september-to-comply-with-new-capital-requirements\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banks have until September to comply with new capital requirements\" \/>\n<meta property=\"og:description\" content=\"Banks now have until 14 September to comply with the new capital requirements in the 2020 Banking Act after the central bank agreed to extend the deadline by a year, according to adecree published in the Official Gazette (pdf). The rules: Under the legislation, banks have to have at least EGP 5 bn in liquid [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/banks-have-until-september-to-comply-with-new-capital-requirements\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-10T04:00:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/124.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/banks-have-until-september-to-comply-with-new-capital-requirements\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/banks-have-until-september-to-comply-with-new-capital-requirements\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Banks have until September to comply with new capital requirements\",\"datePublished\":\"2022-03-10T04:00:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/banks-have-until-september-to-comply-with-new-capital-requirements\/\"},\"wordCount\":137,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/banks-have-until-september-to-comply-with-new-capital-requirements\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/124.jpg?fit=%2C&ssl=1\",\"keywords\":[\"banking\",\"EnterpriseAM\",\"regulation\"],\"articleSection\":[\"Banking\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/banks-have-until-september-to-comply-with-new-capital-requirements\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/banks-have-until-september-to-comply-with-new-capital-requirements\/\",\"name\":\"Banks have until September to comply with new capital requirements - 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Wilcox said the decision would have a \u201cminimal effect\u201d on HSBC\u2019s bottom line in the short\u2026","rel":"","context":"In &quot;Banking&quot;","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/142.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559196,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/13\/no-cash-dividend-for-you\/","url_meta":{"origin":544572,"position":1},"title":"No (cash) dividend for you","author":"enterpriseam admin","date":"13 January 2021","format":false,"excerpt":"Egyptian banks are barred from paying out cash dividends to shareholders on 2020 returns under instructions (pdf) issued yesterday by the Central Bank of Egypt designed to protect bank liquidity as covid-19 continues to affect the economy. 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