CBE governor discuss new banking system

Egypt's Prime Minister Atef Ebeid yesterday met with commercial bank directors and the governor of the Central Bank of Egypt (CBE), Dr. Mahmoud Abul-Oyoun, to study banking system development mechanisms.

Ebeid told reporters, after the meeting, that several issues were discussed, topped by the administration modernisation programme, which will take 3 years to implement, and its sources of finance.

"The program will introduce modem systems into banks and train employees," Ebeid said, adding that "The meeting also studied preparations for implementing the new banking law."

"The government will draw up a new chars of regulations, so that it can be issued a week after the People's Assembly (PA) approves the law," he said, pointing out that commercial bank directors will be revising the chars with the government.

The CBE will set up an information base as part of the new law, in addition to a coordination mechanism between banks.