President Sisi ratifies Egypt’s CBE, banking sector law

President Sisi ratifies Egypt’s CBE, banking sector law

President Abdel-Fattah El-Sisi has ratified Law 194/2020 regulating the work of the Central Bank of Egypt (CBE) and the banking sector.

The law aims at maintaining banking and monetary stability, avoiding financial crises, and improving the banking sector's performance.

It is also meant to support the sector's competitiveness on the global scene and to achieve Egypt's economic development.

The new law targets enhancing the CBE's governance and independence within the framework of the constitution.

The law also aims to raise the CBE's capital to EGP 20 billion to help it meet its financial obligations.

According to the new law, the CBE governor will be named by the president and approved by parliament. The governor's tenure may extend to a once-renewable four-year term.

The law stipulates that banks operating