The Banking and Central Bank Act is now the law of the land after President Abdel Fattah Al Sisi approved 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.
The long-awaited legislation, which has been in the pipeline since 2017, was approved by the House of Representatives in July. Banks now have 1-3 years to comply with the law.
The new law is set to achieve a number of goals, including ensuring that Egypt’s banking system is keeping pace with international standards of best practice and norms, as well as legal systems for the corresponding regulatory authorities worldwide.
It also aims to develop the local banking system’s performance whilst supporting its competitive capabilities.
This would ensure that Egypt’s banks gain a competitive edge internationally, and achieve the state’s aspirations towards development and economic progress.