Egypt - Promulgating The Law of The Central Bank, The Banking Sector And Money (Law No. 88 of The Year 2003)

Publication Date: 15 Jun 2003
Document Type: Other (PDF)

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What are the guiding principles for banking laws in Egypt?

This is the official document of the Egyptian law relating to the banking sector and money. The document comprises of seven main sections.

Section 1 concerns the central bank, and includes:

• General provisions including legal forms, paid up capital as well as location of the central office;
• Objectives, functions and management system of the central bank;
• Disclosure rules as well as relationship with the Government.

Section 2 concerns regulation of the banking sector:

• Establishment and registration of banks;
• Supervision over the management of banks;
• Rules of owning shares in banks’ capital;
• Supervision over banks and guaranteeing deposits.

The remaining sections of the document deal with:

• Management of public sector banks (Section 3);
• Maintaining the secrecy of accounts (Section 4);
• Mortgaging the property and assets to banks (Section 5);
• Regulating banknote issue and foreign exchange transactions (Section 6);
• Penalties (Section 7).