New banking bill drafted upon Sisi's request to enhance banking stability: CBE governor

CAIRO - 3 October 2019: Governor of the Central Bank of Egypt Tarek Amer said on Thursday the new banking bill was drafted upon the request of President Abdel Fattah El Sisi to enhance the banking and monetary stability.

At a press conference, Amer said the outlines of the bill were approved by the cabinet on Wednesday.

The proposed law is focusing on the central bank governance and it regulates cooperation between the central bank, government and authorities tasked with monitoring the financial sector.

The new bill comes as part of an integrated economic reform program that aims at changing the central bank's policies to help the country achieve development plans, create jobs and encourage investments.

The central bank succeeded in changing its policies and making them more interactive with the economic and monetary conditions, he said, adding that international institutions are following up all details related to the economic and monetary reform program in Egypt.

According to many reports released by international institutions, Egypt's economic reform program is the best in International Monetary Fund (IMF) history.

Egypt's reputation is now better than what it has been before 2011 and there is unprecedented turnout on international bonds released by the government, Amer said.