Financial and Banking News

REGIONAL BANKING

Formula Devised for Foreign Banks in Egypt

An interim formula has been devised by the Egyptian authorities to allow branches of foreign banks to continue some of their trade-related business under the terms of the new banking regulations (MEES, 7 January) which require letters of credit to be paid for in local currency. The foreign branches are not licensed to deal in Egyptian Pounds, and as trade finance comprises the great bulk of their...