Central bank “putting final touches” on revised Banking Act to present it by year end

LEGISLATION WATCH- The central bank is “putting the final touches” on the revised Banking Act and is on track to present it to the Madbouly Cabinet by the end of the year, unnamed sources said. CBE Governor Tarek Amer had discussed with President Abdel Fattah El Sisi earlier this month final amendments to the bill, which once approved by the cabinet will move to the House of Representatives for committee review and a vote in the general assembly. An earlier draft of the bill was controversial for expanding the powers of the central bank as the industry’s regulator, imposing term limits on bank managing directors, and proposing an annual tithe on bank profits to endow an industry development fund.