Executive Regulations of the Law of the Central Bank, Banking Sector and Money (promulgated by Law No. 88 of 2003)

Egypt

(enacted in 2003)

The Executive Regulations of the Law of the Central Bank, Banking Sector and Money complement the main statute by the same name by providing more detailed regulations on a host of issues relevant to the Egyptian financial system.

This regulation is organized into five parts.

The first part concerns the Central Bank and has provisions relating to:

  • Method of operation of the coordinating council formed by decree of the President of the Republic to set monetary policy targets;
  • Recording and following up of external debt;
  • Guarantee of the Central Bank for financing and credit facilities;

The second part of the document pertains to regulation of the banking sector and has provisions on:

  • Establishment and registration of banks;
  • Rules of owning shares in banks’ capital;
  • Banks’ control systems for collecting credit data and statistics;

The others parts of the document concern:

  • Public sector banks;
  • Notarization fee on settlement reports; and
  • Regulation of foreign exchange transactions.

The Law of the Central Bank, Banking Sector and Money (Law No. 88 of 2003) can be found under “Related Laws/Regulations.”