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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.

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