News

Banks Allowed to Perform Immediate FX Interbank Payments

10 Mar 2021

The Central Bank of Egypt (CBE) has decided to allow local banks to execute and settle interbank payments in foreign currency instantly as of 22 March. The immediate settlement system will reduce the costs of the foreign currency payment orders between banks and speed up the process. The new system will also increase the CBE’s oversight over the transactions. (Source: CBE Decree, Al-Mal Newspaper)

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