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Wednesday, 19 February 2020

Egypt's long-awaited banking bill referred to parliament: MENA

The law regulates digital currencies and financial technologies, as well as setting out the relationship between the central bank and other state authorities

Ahram Online , Tuesday 7 Jan 2020
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Egypt's Central Bank (Reuters)
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A long-awaited banking bill has been referred to Egypt’s House of Representatives for debate and assent, a Central Bank of Egypt source told state-run MENA agency on Tuesday. 

The bill was referred to the house this week, and will be reviewed by ad-hoc parliamentary committees, then debated in plenary.

The proposed law focuses on the governance of the central bank and regulates cooperation between the central bank, government and authorities tasked with monitoring the financial sector.

The new bill is part of an integrated economic reform programme that aims at helping Egypt achieve its development plans, create jobs and encourage investments.

The draft law aims covers regulations around payment services and financial technologies, including regulation of digital currencies.

It also set rules on fair competition, prevention of monopolies, and the protection of the rights of bank customers.

 

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