Egypt’s FRA denies rumours of non-banking finance branch closures

Egypt’s Financial Regulatory Authority (FRA) denied reports circulating on social media claiming it had ordered the closure of a large number of branches belonging to non-banking finance companies and associations or suspended the operations of those entities.

The regulator said it had monitored several social media pages and accounts publishing false and misleading information falsely attributed to the FRA, including claims that it had issued decisions affecting the non-banking finance sector.

The FRA said such misinformation represents a serious attempt to manipulate public awareness and threatens the interests of customers and entities operating in the sector.

The authority also warned that those responsible for publishing or circulating such rumours could face legal accountability.

Attribution: Amwal Al Ghad English