NO. 29


Financial and Banking News

Regional Banking

Foreign Banks in Egypt Will Be Allowed to Conduct Local Currency Business

Egypt's new banking law will allow the local branches of foreign banks toconduct business in local currency, according to the Deputy Governor of theCentral Bank of Egypt, Mr. Muhammad Barbari. At the moment, branches of foreignbanks may only operate in foreign currencies. The change follows logically fromthe ending of exchange rate restrictions in...