File photo: Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt, November 3, 2016. (Reuters)
The Egyptian cabinet approved during its weekly meeting chaired by Prime Minister Mostafa Madbouly on Wednesday a draft bill regulating the Central Bank of Egypt (CBE) and the banking system.
The bill comes within the framework of updating the legislative environment to cope with the latest international banking developments.
Divided into 242 articles, the bill contributes to supporting the national economy and boosting economic development in light of the state-sponsored economic reform policy.
According to the draft law, the Central Bank of Egypt is an independent oversight body that shall report to the president of the republic. It shall also enjoy technical, financial and administrative independence.
The draft bill has to be approved by the parliament and ratified by the president before becoming a law
Prime Minister Madbouly also reviewed the decisions taken during the meeting of a ministerial financial dispute settlement committee for the ministries of finance, electricity and petroleum.
In this regard, the cabinet reviewed a protocol to be inked soon between the ministries of finance and electricity with regard to paying dues of the Ministry of Electricity.
Prime Minister Madbouly also reviewed during the meeting the outcome of the actions taken by the coordinating council for industrial areas for the recent period.
The meeting also displayed the council's efforts to offer more incentives for the industrial sector and the council's cooperation plan with United Nations Industrial Development Organization (UNIDO).