Author: 
Mohammed Abu Zaid
ID: 
1619140506791210500
Fri, 2021-04-23 04:13

CAIRO: The Central Bank of Egypt (CBE) has allowed lenders in the country to issue electronic money units.
However, only banks supervised by the CBE will be permitted to issue such units and approval must be gained in advance.
“This system monitors the payment orders of electronic money units and the issuance of detailed ‘Trail Audit’ reports on payment orders, while linking operations with system users and service providers,” the CBE said in a statement.
The central bank said that any systems issuing electronic money units that are unable to issue reports correctly — whether intentionally or unintentionally — will be considered to be in breach of CBE rules.
Electronic money units cannot be issued unless the equivalent cash amount in Egyptian pounds is deposited with the issuing bank, it added.

Main category: 
Tags: 

Egypt central bank seen keeping key interest rates steadyEgypt banks step up anti-virus efforts



READ SOURCE

READ  CapitaLand reopens all China malls, posts rise in residential sales

LEAVE A REPLY

Please enter your comment!
Please enter your name here