Egypt’s new banking law comes into force after Al-Sisi’s ratification

Egypt’s new banking law comes into force after Al-Sisi’s ratification

El-Dakkak explained that under Article 4, banks are obliged to reconcile their positions according to the law's provisions within a period 12 months from the date of its implementation. The CBE's board may extend this period to no more than two years, making this transitional period range from one to a maximum of three years.The new law aims to achieve several objectives, keeping pace with the best international practices, norms, and the legal systems of counterpart supervisory authorities around the world. It will ensure the maintenance of monetary and banking stability and avoid financial crises. It also aims to raise the level of the Egyptian banking sector's performance, and develop and support its competitive capabilities to qualify it for global competition. At the same time, the new law is set to help