Egypt CB to introduce electronic clearing of foreign currency checks on Monday

RIYADH: The Central Bank of Egypt (CBE) will start the electronic clearing of checks in foreign currencies from next Monday, Al Arabiya reported citing an official statement.
“Launching the electronic clearing system for multi-currency checks would reduce the cost and time for this type of exchanged transactions between Egyptian banks, in accordance with all international standards for payment systems,” said the Deputy Governor, Ramy Abu Naga.
The new system will cover dollar and euro currencies in its first stage, according to Amany Shams Eldin, a senior operations official at the central bank.
“The new system would enhance the central bank’s supervision on this type of transaction, and encourage banks to consider reducing the banking tariff for the collection of checks in foreign currencies executed inside the country,” she said.
The electronic clearing system for the Egyptian pound is one of the most important in the country’s banking sector, through which financial operations worth more than 2 trillion Egyptian pounds were carried out last year.