Parliament approves the new Banking Act to ensure monetary stability

Posted on August 11, 2020

A number of objectives are set by the new law, including ensuring that the banking system in Egypt is consistent with international standards of best practice and standards The law seeks to preserve the stability of the Egyptian banking and monetary system and prevent financial crises. It also aims to enhance, develop and modernize the performance of the local banking system while at the same time enhancing its competitive capabilities. Egypt 's banks are expected to become globally successful and meet state growth expectations of economic progress by this law