Parliament gives preliminary thumbs-up to Banking Act

LEGISLATION WATCH- House approves proposed Banking Act “in principle”: The House of Representatives yesterday gave preliminary approval to the proposed Banking and Central Bank Act, according to a local press report citing state news agency MENA. The long-awaited legislative overhaul will now be up for a final vote before being signed into law by President Abdel Fattah El Sisi. The bill, which has been in the works since 2017, would grant the CBE increased oversight over the banking sector, introduce measures governing e-payment, fintech businesses, and cryptocurrencies, and strengthen data protection and consumer privacy. It would, if passed, also impose a 1% levy on bank profits to endow an industry development fund. You can find out more about the details of the legislation here.