LEGISLATION WATCH- The amended Banking Act will not set term limits for bank managing directors, CBE Governor Tarek Amer reportedly said yesterday. “We will keep an eye on things in a different way,” he told Al Shorouk, without elaborating. The pending law — the latest draft of which the central bank’s board is expected to review today, according to Amer — had stirred up controversy last year when an early draft appeared to show that the CBE would be given wider powers to set term limits and impose a 5% tithe on the profits of each bank. Everything in the law, which aims to set a better corporate governance framework for the banking system, has been kept under tight wraps apart from statements from Amer calling for an overhaul to banking sector regulations. He reportedly repeated those calls on Sunday when he spoke at the conference of the Union of Arab Banks You can see past coverage here and here and here.

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