{"id":638846,"date":"2017-10-16T03:51:20","date_gmt":"2017-10-16T03:51:20","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/16\/el-sisi-supports-amendments-to-cbe-act\/"},"modified":"2017-10-16T03:51:20","modified_gmt":"2017-10-16T03:51:20","slug":"el-sisi-supports-amendments-to-cbe-act","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/16\/el-sisi-supports-amendments-to-cbe-act\/","title":{"rendered":"El Sisi supports amendments to CBE Act"},"content":{"rendered":"

<\/a> President Abdel Fattah El Sisi apparently supports amendments to the Central <\/strong>Bank and Banking Acts<\/strong>, CBE Governor Tarek Amer told Al Shorouk in an interview<\/a> on the sidelines of the IMF and World Bank Fall Meetings. Amer said the act would enhance the CBE\u2019s role as a regulator of the sector to safeguard depositors. He also said the act, which would set term limits for managing directors, tweak the CBE\u2019s representation on bank boards, and force banks to kick in 5% of their bottom lines annually for an industry development fund, would also make the sector more competitive.<\/p>\n

Amer then went on to defend prevailing interest rates<\/strong>, saying that they had played a major role in the increase in foreign inflows, particularly into the debt market. He added that despite the rate hikes this year, returns from direct foreign investments far exceeded returns on Egypt\u2019s treasuries, with foreign companies raking in as much as 60% in returns. He stated that Egypt managed to draw in around USD 80 bn since \u201cthe economy pivoted on the correct trajectory,\u201d adding that USD 18 bn came from investments in treasuries, USD 18 bn in investments in equities, USD 35 bn came from Egyptian depositors, and USD 7 bn from the last round of eurobond issuances.<\/p>\n

Amer also said that he was unconcerned about Egypt\u2019s foreign debt obligations, which <\/strong>amount to USD 12.9 bn for the upcoming year<\/strong>, especially as the UAE and Saudi Arabia will let their deposits at the CBE rest until after the original 2018 date for their return. China has also approved renewing a USD 2.7 bn currency swap agreement. Amer assured that while foreign debt does appear to be high, it was necessary spur economic growth. He added that the CBE was ready to repay a USD 3.7 bn African Export-Import Bank loan this December.<\/p>\n

While in Washington, Amer was named Central Bank Governor of the Year for the Middle<\/strong>East and North Africa by <\/strong>GlobalMarkets<\/strong><\/a> in a special issue for the IMF and World Bank Fall Meetings.<\/p>\n","protected":false},"excerpt":{"rendered":"

President Abdel Fattah El Sisi apparently supports amendments to the Central Bank and Banking Acts, CBE Governor Tarek Amer told Al Shorouk in an interview on the sidelines of the IMF and World Bank Fall Meetings. Amer said the act would enhance the CBE\u2019s role as a regulator of the sector to safeguard depositors. He […]<\/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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-638846","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"366b07ba-7d03-4ea9-8724-439f73918d28","order":"0","is_powered_by":true,"section_story_id":"48234f26-1949-4ecf-8c61-2e4886a80b6d","story_type":"1","photo_url":"","photo_position":"above","related_issue":[638836],"teaser":"","voice_url":""},"yoast_head":"\nEl Sisi supports amendments to CBE Act - 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\/2017\/10\/16\/el-sisi-supports-amendments-to-cbe-act\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"El Sisi supports amendments to CBE Act\" \/>\n<meta property=\"og:description\" content=\"President Abdel Fattah El Sisi apparently supports amendments to the Central Bank and Banking Acts, CBE Governor Tarek Amer told Al Shorouk in an interview on the sidelines of the IMF and World Bank Fall Meetings. 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Under\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":628522,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/07\/cbe-looks-to-expand-oversight-of-bank-management-boards\/","url_meta":{"origin":638846,"position":1},"title":"CBE looks to expand oversight of bank management, boards","author":"enterpriseam admin","date":"7 May 2018","format":false,"excerpt":"LEGISLATION WATCH- Banking Act will expand the CBE\u2019s oversight of bank management, boards: The Banking Act will grant the central bank greater oversight of the banking sector and boards,CBE Governor Tarek Amer announced yesterday, according to Al Mal. The law will establishes new procedures that expand the CBE\u2019s oversight of\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":641124,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/13\/cbe-to-complete-amendments-of-the-central-bank-and-banking-acts-in-a-month\/","url_meta":{"origin":638846,"position":2},"title":"CBE to complete amendments of the Central Bank and Banking Acts in a month","author":"enterpriseam admin","date":"13 September 2017","format":false,"excerpt":"The CBE will be ready to send the amended Central Bank and Banking Act to the \u201crelevant authorities for approval\u201d in a month after its board finishes discussions on the legislation, Governor Tarek Amer said yesterday. \u201cThe amendments rest on the principles of good governance and aim to give the\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":625944,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/27\/tax-inspectors-wont-have-direct-access-to-corporate-banking-information-central-bank-says\/","url_meta":{"origin":638846,"position":3},"title":"Tax inspectors won\u2019t have direct access to corporate banking information, central bank says","author":"enterpriseam admin","date":"27 August 2018","format":false,"excerpt":"CBE nixes amendments to income tax act that would have given tax inspectors access to corporate bank data: Central Bank Governor Tarek Amer poured cold water yesterday on proposed amendments to the Income Tax Act that would have allowed the Tax Authority investigators to access corporate bank data as part\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":621701,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/15\/is-the-central-bank-of-egypt-done-revising-the-banking-act\/","url_meta":{"origin":638846,"position":4},"title":"Is the Central Bank of Egypt done revising the Banking Act?","author":"enterpriseam admin","date":"15 November 2018","format":false,"excerpt":"LEGISLATION WATCH- Is the CBE done preparing its revised banking act? CBE Governor Tarek Amer discussed with President Abdel Fattah El Sisi yesterday the long-planned overhaul of the Central bank and Banking Act, Ittihadiya said. 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