International Finance

Egypt’s overdue banking act forwarded to legislature

Egypt banking act
The much-awaited banking law monitors digital payments and financial technologies

The much-overdue banking act in Egypt has been forwarded to the country’s parliament, the Central Bank of Egypt (CBE) revealed to the government-run agency MENA.

The act that was forwarded to Egypt’s House of Representatives this week will be evaluated by impromptu legislative panels, and then discussed completely.

The recommended law pertains to the operations of the central bank and monitors the coordination between the bank and the concerned authorities responsible for overseeing the financial domain.

The latest bill is a part of a larger economic scheme that endeavours to facilitate Egypt in generating jobs, fostering investments and fulfilling its development activities.

The salient aim of the law is to shield the banking system during times of emergencies, being abreast with the latest changes occurring in the financial domain, as well as improving the operations of the CBE and other banks functioning in the country.

As far as digital payments and financial technologies are concerned, the draft law seeks to implement regulations governing them.

Apart from these, the act also frames policies on impartial competition, thwart domination and safeguarding the rights of the banking customers.

Tarek Amer, the CBE Governor, had indicated that forming a new banking policy comes under the ambit of legislative reforms created by the government to handle rapid financial developments across the globe.

The draft bill is conceptualised according to the guidelines and inputs by leading banking veterans across the globe. It also takes into account the suggestions put forward by other banks and entities to the CBE in this aspect.

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