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Wednesday, 15 May 2019

CBE boss presents draft Banking Act to cabinet

LEGISLATION WATCH- Central Bank of Egypt Governor Tarek Amer presented to the Cabinet economic group yesterday an amended draft of the Banking Act, Al Mal reports. No further details were provided on the changes, but sources told the local press last month that a revised version of the bill would not include controversial term limits for bank managing directors or a surtax on bank profits to finance an industry development fund

Background: A first draft of the new Banking and Central Bank Act leaked in 2017 and was controversial within the sector for suggesting term limits on bank MDs as well as a tithe on industry profits to finance an industry development fund that would be managed by the central bank. The current draft has been with the Madbouly Cabinet for review since January. It remains unclear what the timeline on the bill could be. Once approved by cabinet, the bill will move to the House of Representatives for committee review and a vote in the general assembly.

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