New CBE law targets developing banking system-governor

CAIRO - 15 January 2020: The new law on the Central Bank of Egypt (CBE) and the banking system aims to keep abreast with the rapid developments in the banking system, CBE Governor Tarek Amer said Tuesday.

Amer made his remarks after the parliament's economic committee approved in principle a government bill on a new law of the Central Bank of Egypt and the banking system.

The draft law is meant to apply the best international norms and practices followed by similar supervisory bodies, Amer said.

It also aims at enhancing the banking system's performance and competitiveness, promoting the rules of governance, independence, transparency, disclosure, equality, along with preventing monopoly and protecting the rights of clients, Amer added.

He noted that the bill had been revised by senior Egyptian legal officers in cooperation with renowned international financial institutions such as the International Monetary Fund (IMF) and the World Bank.