Back to the complete issue
Wednesday, 28 February 2018

Egypt’s banking laws need to be “completely revamped,” says Amer

Egypt’s banking laws need to be “completely revamped,” says Amer: What is the most pressing concern for the central bank these days? A “complete revamp” of its banking laws to introduce “sharp and crisp” governance for the sector, CBE Governor Tarek Amer told Bloomberg on Tuesday. “We don’t want people to feel relaxed in the banking system. Our objective in regulation isn’t just to defend financial stability,” he said. Amer is of course referencing the Central Bank and Banking Act, amendments to which the CBE has been cooking for about a year now. “The objective is to be able to achieve financial stability by bringing financial intermediation to the market in a real way.” Authorities will first have to win broad support in parliament and society for the overhaul, he said. Amer’s Bloomberg interview is part of a package of coverage of regional central bank governors that the business information service has put together. You can check out the full thing here.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.