The Board of the CBE to approve new
investment guidelines for foreign
exchange reserve management to
clearly define its objectives and the
accountability framework, and permit
the CBE to allocate its reserves only in
reputable international banks and
financial instruments with reference to
minimum acceptable credit ratings. The
allocations in banks headquartered in
Egypt and located abroad will be capped at the current stock of
$5.6 billion 
Objective: Strengthen foreign exchange
 reserves management. At R1, not met, implemented with delay in May 2017. The guidelines were approved on December 30 by the CBE board, but more time was needed to reflect all operational aspects and align the document with best international practices. The CBE Board approved the revised investment guidelines in May 2017.