New banking law in Egypt is under review by IMF, World Bank: Amer

Egypt’s new banking law is currently under review by the International Monetary Fund and the World Bank and one of the major law firms in England, according to Central Bank of Egypt governor Tarek Amer.

He added that the new law has recently been discussed by the banks within the Egyptian banking system.

Amer made these remarks during the 23rd annual Arab Banking Conference 2017 that was organised by the Union of Arab Banks.

Moreover, The CBE governor said that all the new law articles have been drafted in accordance with international standards followed in many countries, pointing out that 99 percent of the banks ‘ head have no reservations on the new law.

The new law includes 170 articles divided into 6 branch.  In addition, it gives the CBE a broader surveillance on money exchange and money transfer institution, credit risk guarantee institutions, credit granting entities, credit rating companies, service outsourcing companies, as well as companies and agencies working in the field of payment systems and services.