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فيتو
Source: فيتو
1 Dayفيتو
Source: فيتو
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The new regulations of the Central Bank of Egypt focus on organizing and strengthening the money transfer sector by imposing strict licensing and supervision requirements. The conditions specify that local companies must be Egyptian shareholding entities with a minimum capital of 25 million Egyptian pounds, while foreign companies are allowed to open branches with a minimum capital of one million dollars. The measures also include rigorous oversight of financial auditing processes, preventing monopolies over accounting reviews, and setting a 30-day deadline for notifying the Central Bank of appointment of an auditor. These procedures aim to protect the foreign exchange market from informal practices, ensure the legitimate flow of funds, and increase international institutions' confidence in the Egyptian financial system.
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