Egypt – Insurers ask for regulator’s intervention on dollar
Wednesday, 02 01 2017, Category: Insurance and Reinsurance, Country: Egypt
Insurance companies asked Mr. Sherif Samy the chairman of the Financial Supervisory Authority to intervene necessarily in order to solve the issue of the USD liquidity scarcity during a large meeting held at the headquarters of Insurance Federation of Egypt, which dealt with the different problems facing the sector currently.
A number of managers of the companies tackled the effect of the exchange rate on the balance sheets of companies in the current financial year confirming that the numbers of the current budget will witness problems at the levels of profits and liabilities. Therefore, this problem needs to be solved in line with the new developments in light of the agreed upon accounting standards.
Source: Al Mal News