The cabinet approved during its weekly meeting on Wednesday 2/10/2019 a bill on enacting a law of the Central Bank of Egypt (CBE) and the banking system after considering several observations.

The bill comes within the framework of updating the legislative environment to cope with the latest international banking developments.

The meeting was held under the leadership of Prime Minister Mostafa Madbouli.

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.

MENA