LEGISLATION WATCH- House committee asks Amer to clarify aspects of Banking Act: The House of Representatives’ Economic Committee has approved the proposed overhaul of the Central Bank and Banking Act in principle but asked central bank Governor Tarek Amer to clarify several aspects of the bill, according to Al Mal. These include how the legislation would prevent monopolistic practices and the mechanisms for handling shortages of hard currency.

The committee will discuss the bill again next week with the goal of sending it to the floor of the House for a vote shortly after. The Madbouly Cabinet had approved the 242-article final draft of the act in October 2019.

What’s in the bill? The Central Bank and Banking Act would grant the Central Bank of Egypt increased oversight over the banking sector. It would raise capital requirements for local and foreign banks and introduce measures governing e-payment, fintech businesses, and cryptocurrencies. It would also enhance data protection and customer privacy by requiring banks to obtain written consent for indirect or direct data dissemination.