New bank law enhances CBE independence
Egypt, Economics, 4/9/2003

Governor of the Central bank of Egypt (CBE), Mahmoud Abul Oyoun said that the new bank law referred to the People's Assembly PA and Shura Council is the outcome of the expertise and practice in addition to studies concerned.

Speaking to the financial and economic affairs committee at the Shura Council under its Speaker Mostafa Kamal Helmi.

The meeting was dedicated to probe the New Bank law. Abul-Oyoun said the new law supports the CBE independence and its monitoring role of the banking system.

He added the CBE monitors all financial dealings among the ministries and private sector. Coordination is this significant between the CBE and ministries.

The new banking law currently under discussion in the People's Assembly (PA) and the Shura Council, will revive trust in an official foreign currency market based on supply and demand.

This statement was made by the governor of the Central Bank of Egypt (CBE) Dr. Mahmoud Abul-Oyoun to the Shura's Council's Financial and Economic Affairs' Committee yesterday morning.

"The new law supports the independence of the CBE and its supervisory role in the banking system. it aims to create strong banks by increasing their capital to LE 500 million", he said.

"The law will also allow more control of bank account privacy, so as to be able to obtain necessary information on money laundering and inspect suspect accounts", he added.

Head of the Shura Council Dr. Mostafa Kamal Helmi stated that the new law will ensure total account security and at the same time prevent dishonest practices.

"The law is very important as it shows the government's concern to develop and modernise the banking system to benefit the economy", he said.

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