Egypt – Solving the crisis of 35 Insurers on securing USD
Thursday, 02 09 2017, Category: Insurance and Reinsurance, Country: Egypt
The Egyptian Financial Supervisory Authority announced that the problem of insurance companies in securing the USD currency at banks in order to settle the amounts due to international reinsurers was solved after the Egyptian Pound was officially liberalized on November 3rd. The companies now enjoy flexibility in getting access to USD compared to the date preceding the liberalization of EGP. Mr. Sherif Samy chairman of the authority said in a statement to “Alalam Elyoum” that he did not receive any complaint from the chairmans of the 35 insurance companies in order to secure the USD from banks during his meeting with them. But insurance companies previously complained from the difficulties in settling the amounts due to international reinsurance companies at the official contractual dates given the scarcity of USD availability.
Source: Alalam Elyoum