Did the central bank just open the door for companies to repatriate profits? The banking sector has reportedly received verbal instructions from the CBE that they are now allowed to sell 50% of excess FCY to non-priority clients — including those wanting to repatriate profits. Bloomberg’s Ahmed Feteha and Ahmed Namatalla base their story of last night on conversations with six bankers; the story has yet to appear on Bloomberg’s website, but is running on terminal for those of you who are subscribers. Priority imports will continue to take precedent, the sources added. Banks were also reportedly told that they can also refinance temporary overdrafts with excess FCY, banking sources also reported to Al Mal.

In other CBE news, banks were instructed to ease conditions for approving mortgages to low-income borrowers and pensioners in a decision issued on Sunday. It went a step further and issued a set of requirements low-income borrowers must meet to be eligible for mortgage financing across the sector. The amendments also allow banks to issue insurance policies on properties, protect borrowers from being discriminated against based on their occupation, and allow the banks to finance 85% of a property’s price. Beyond making eligibility for loans easier, the move essentially unifies eligibility requirements across the sector.