From Bloomberg By Jessica Brice, Ney Hayashi and David Biller September 22, 2014 In 2004,
Law of the Central Bank, the Banking Sector, and Money (Law No. 88 of 2003)
(amended through 2005)
The Law of the Central Bank, the Banking Sector, and Money (Law No. 88 of 2003) provides the guiding principles for banking, money, and the banking sector in Egypt.
There are 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); and
- Penalties (Section 7).
Complementary Regulations promulgated under this law can be found under “Related Laws/Regulations.”