These controls include setting the country’s limits for banks’ investments, based on the state’s credit rating, achieve maturity balance, as well as regulate currency balances, according to Metwally,. According to the CBE, the financial institutions include branches of foreign banks operating in Egypt, however not the branches of Egyptian banks abroad nor foreign banks entirely owned by Egyptian banks. Moreover, the CBE added that the maximum rate of banks or foreign banks’ branches in Egypt in a financial group must remain under 50% of the bank’s capital base. Foreign banks’ branches can invest in its main unit, branches, and subsidiaries around the world up to 100% of the local unit’s capital base. Banks operating in Egypt in the foreign exchange market are limited to necessary operations for banks to manage their daily activities.

Source: Daily News Egypt October 25, 2018 13:30 UTC