Central Bank of Egypt finalizes draft Banking Act, sends to Cabinet for review

LEGISLATION WATCH- The central bank has finished drafting its new Banking Act and has sent it to the Madbouly Cabinet for review, Youm7 quotes CBE Deputy Governor Lobna Helal as having said yesterday at CI Capital’s MENA Investors Conference. The timing of cabinet’s review remains unclear. CBE Governor Tarek Amer had discussed with President Abdel Fattah El Sisi in November final amendments to the bill, which — once approved by Cabinet — will move to the House of Representatives for committee review and a vote in the general assembly.

Background: 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.