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Thursday, 15 November 2018

Is the Central Bank of Egypt done revising the Banking Act?

LEGISLATION WATCH- Is the CBE done preparing its revised banking act? CBE Governor Tarek Amer discussed with President Abdel Fattah El Sisi yesterday the long-planned overhaul of the Central bank and Banking Act, Ittihadiya said. A source familiar with the matter had said earlier this year that the central bank could present the legislation to the Madbouly Cabinet in 4Q2018. Once approved by cabinet, the bill would move to the House of Representatives for committee review and a vote in the general assembly.

More extensive law? The final draft of the act could be much more extensive than the first draft, which came out last year and caused a stir in the banking sector. Industry players objected at the time to term limits for bank MDs, a proposed tithe on industry profits to endow an industry development fund, and provisions that would give the central bank expanded powers over the daily affairs of banks.

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