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Fund to upgrade banking system to be established under new bill: CBE official

The fund will be its own independent legal entity whose main goal will be to upgrade inter-bank infrastructure

MENA , Wednesday 22 May 2019
Egypt central bank (Reuters)

 A fund to upgrade Egypt's banking system should be established as part of a new bill, an official source with the Central Bank of Egypt told MENA news agency.

The fund will be its own independent legal entity, the source affirmed, noting that its supplies will constitute not more than one percent of the annual net profit that would otherwise be distributed to banks.

The main goal of the fund is to upgrade inter-bank infrastructure in a way that would serve the national economy, according to the source.

The fund will be used to upgrade the electronic identification system and instant payment system and ATM services, as well as the national payment system, he added.

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