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Egypt approves draft law on central bank and banking sector

Cairo, October 5: The Egyptian Cabinet approved a new draft law for the Central Bank and the banking system aimed at strengthening the governance and independence of the Central Bank. The draft law, which has a number of 242 articles, to increase the capital of various banks, including the increase of capital paid to the Central Bank of Egypt from 4 billion to 20 billion pounds, and increase the minimum capital of banks to 5 billion pounds, in addition to increasing capital Funds of branches of foreign banks, to $ 150 million, with banks given a deadline to adjust their situation. Other objectives of the draft law are to improve the performance and modernization of the banking sector, strengthen its competitiveness, prevent conflicts of interest, and promote financial inclusion and the soundness of the monetary system. The most prominent articles of the law are obtaining approval to own a 10 percent stake in any bank, establishing a bank development fund, allocating 1 percent of bank profits to the fund, organizing the issuance and circulation of cryptocurrencies, as well as establishing banks as a joint stock company. On the other hand, the remittances of Egyptians working abroad increased in July by $ 719 million. This brings total remittances from Egyptians abroad to $ 2.6 billion, compared with $ 1.9 billion as of June. The central bank said total remittances rose 13.5 percent year-on-year, compared with July last year. Remittances from overseas workers were $ 25.2 billion in FY2018-19.

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