Arab Finance: The Central Bank of Egypt (CBE) has reminded banks to strictly adhere to regulations governing the issuance of bank deposit certificates for companies being established or increasing their paid-up capital, as per a recent circular.
The central bank referred to its previous directive dated March 24th, 2003, emphasizing that banks must ensure that the issued certificates correspond precisely to the amounts recorded in company accounts.
The directive also stipulated that the certificates must match the currency stated in the commercial register and the company’s bylaws.