{"id":574917,"date":"2020-09-27T04:00:20","date_gmt":"2020-09-27T04:00:20","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/27\/banking-act-signed-into-law\/"},"modified":"2020-09-27T04:00:20","modified_gmt":"2020-09-27T04:00:20","slug":"banking-act-signed-into-law","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/27\/banking-act-signed-into-law\/","title":{"rendered":"Banking Act signed into law"},"content":{"rendered":"

<\/a> LEGISLATION WATCH- The <\/strong>Banking and Central Bank Act<\/a><\/strong> is now the law of the <\/strong>land <\/strong>after President Abdel Fattah El Sisi ratified legislation that gives the Central Bank of Egypt more regulatory oversight<\/a> of the sector, including e-payment, fintech and cryptocurrencies, according to the Official Gazette (pdf)<\/a>. The long-awaited legislation, which has been in the pipeline since 2017, was approved by the House of Representatives in July<\/a>. Banks now have 1-3 years to comply with the law.<\/p>\n

Need a refresher on the law\u2019s key provisions?<\/strong> We have the rundown on the entire process since legislators began drafting the law three years\u2019 ago: a 1% industry-wide tithe<\/a> on profits for a bailout fund; new capital requirements<\/a> and the exemption of SME lenders<\/a> and digital banks from them; bank bailouts and licenses<\/a> for credit risk guarantee companies; the scrapping of a controversial article<\/a> that would have introduced term limits on managing directors at private-sector banks; and a whole list of new provisions here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

LEGISLATION WATCH- The Banking and Central Bank Act is now the law of the land after President Abdel Fattah El Sisi ratified legislation that gives the Central Bank of Egypt more regulatory oversight of the sector, including e-payment, fintech and cryptocurrencies, according to the Official Gazette (pdf). The long-awaited legislation, which has been in the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[3679,10355,72,180,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-574917","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-banking-act","tag-central-bank-act","tag-enterpriseam","tag-legislation","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"ba363fe6-92d7-4584-a95d-ee5c9f124acb","is_powered_by":true,"section_story_id":"383b8b99-dd6d-46df-b2dd-f2c241ea039f","story_type":"1","photo_url":"","photo_position":"above","related_issue":[574902],"teaser":"","voice_url":""},"yoast_head":"\nBanking Act signed into law - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/27\/banking-act-signed-into-law\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banking Act signed into law\" \/>\n<meta property=\"og:description\" content=\"LEGISLATION WATCH- The Banking and Central Bank Act is now the law of the land after President Abdel Fattah El Sisi ratified legislation that gives the Central Bank of Egypt more regulatory oversight of the sector, including e-payment, fintech and cryptocurrencies, according to the Official Gazette (pdf). The long-awaited legislation, which has been in the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/27\/banking-act-signed-into-law\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-27T04:00:20+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/27\/banking-act-signed-into-law\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/27\/banking-act-signed-into-law\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Banking Act signed into law\",\"datePublished\":\"2020-09-27T04:00:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/27\/banking-act-signed-into-law\/\"},\"wordCount\":165,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"Banking Act\",\"Central Bank Act\",\"EnterpriseAM\",\"legislation\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/27\/banking-act-signed-into-law\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/27\/banking-act-signed-into-law\/\",\"name\":\"Banking Act signed into law - EnterpriseAM Egypt\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\"},\"datePublished\":\"2020-09-27T04:00:20+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/27\/banking-act-signed-into-law\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/27\/banking-act-signed-into-law\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/27\/banking-act-signed-into-law\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/egypt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Banking Act signed into law\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"name\":\"EnterpriseAM\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\",\"name\":\"EnterpriseAM\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/240894.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/240894.svg\",\"caption\":\"EnterpriseAM\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Banking Act signed into law - EnterpriseAM Egypt","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/27\/banking-act-signed-into-law\/","og_locale":"en_US","og_type":"article","og_title":"Banking Act signed into law","og_description":"LEGISLATION WATCH- The Banking and Central Bank Act is now the law of the land after President Abdel Fattah El Sisi ratified legislation that gives the Central Bank of Egypt more regulatory oversight of the sector, including e-payment, fintech and cryptocurrencies, according to the Official Gazette (pdf). 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The legislation, which received\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/5\/188.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571247,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/05\/parliament-gives-preliminary-thumbs-up-to-banking-act\/","url_meta":{"origin":574917,"position":1},"title":"Parliament gives preliminary thumbs-up to Banking Act","author":"enterpriseam admin","date":"5 May 2020","format":false,"excerpt":"LEGISLATION WATCH- House approves proposed Banking Act \u201cin principle\u201d: 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\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598293,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/21\/banking-act-to-impose-term-limits-on-board-members-at-state-owned-banks\/","url_meta":{"origin":574917,"position":2},"title":"Banking Act to impose term limits on board members at state-owned banks","author":"enterpriseam admin","date":"21 May 2019","format":false,"excerpt":"LEGISLATION WATCH- Banking Act to impose term limits on board members at state-owned banks: The new draft Banking Act would, if passed, would put a cap of three consecutive terms on board members of state-owned banks, according to Masrawy. The current version of the law imposes no term limits, but\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/1115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593612,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/egypts-cabinet-approves-new-banking-and-central-bank-act\/","url_meta":{"origin":574917,"position":3},"title":"Egypt\u2019s cabinet approves new Banking and Central Bank Act","author":"enterpriseam admin","date":"3 October 2019","format":false,"excerpt":"LEGISLATION WATCH- Cabinet greenlights Banking Act: The Madbouly Cabinet has approved in its weekly meeting a 242-article final draft of the Banking and Central Bank Act that would grant the Central Bank of Egypt (CBE) increased oversight of the banking sector, according to a cabinet statement. The draft will now\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/1115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598125,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/15\/cbe-boss-presents-draft-banking-act-to-cabinet\/","url_meta":{"origin":574917,"position":4},"title":"CBE boss presents draft Banking Act to cabinet","author":"enterpriseam admin","date":"15 May 2019","format":false,"excerpt":"LEGISLATION WATCH- Central Bank of Egypt Governor Tarek Amer presented to the Cabinet economic group yesterday an amended draft of the Banking Act, Al Mal reports. No further details were provided on the changes, but sources told the local press last month that a revised version of the bill would\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569196,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/17\/sme-lenders-and-digital-banks-to-be-made-exempt-from-new-capital-requirements-in-proposed-banking-act\/","url_meta":{"origin":574917,"position":5},"title":"SME lenders and digital banks to be made exempt from new capital requirements in proposed Banking Act","author":"enterpriseam admin","date":"17 February 2020","format":false,"excerpt":"EXCLUSIVE- SME lenders and digital banks to be made exempt from new capital requirements in proposed Banking Act: The proposed Banking Act would exempt SME lenders and digital banks from complying with new capital requirements designed to increase the stability of the financial sector, a Central Bank of Egypt (CBE)\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/216.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/574917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=574917"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/574917\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/574902"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=574917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=574917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=574917"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=574917"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=574917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}