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Wednesday, 23 August 2017

Finance Ministry to consolidate state bank accounts into TSA by end of November

The Finance Ministry expects to consolidate all state bank accounts into a Treasury Single Account (TSA) by the end of November 2017, Daily News Egypt reports. The state budget will be linked to the TSA, effectively completing the transition from cash to electronic payments for all state- and budget-related transactions. Finance Minister Amr El Garhy had said earlier this month that the move will help the state monitor and reduce spending by as much as 10%.

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