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Wednesday, 6 May 2020

CBE instructs local banks to comply with new int’l reporting standards

The Central Bank of Egypt has instructed local banks to comply with the latest International Financial Reporting Standards (IFRS9) to ensure best practices during the covid-19 pandemic, according to a circular published yesterday (pdf). It called on banks to submit brief quarterly statements, and annual reports by the end of December or June 2021 where applicable. It added that the six-month holiday on loan installments for clients that began on 15 March will not be considered a core index in evaluating banks’ creditworthiness, but that they remain responsible for providing accurate credit portfolios and assessing their clients’ ability to repay.

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