16 September 2019 04:33 AM

New banking bill introduces financial stability committee

Saturday، 18 May 2019 - 02:46 PM

A new bill on Egypt's banking sector introduces a committee on maintaining the state's financial stability that will be chaired by the prime minister, a well-placed source with the Central Bank of Egypt (CBE) said on Saturday 18/05/2019.

The committee will work for maintaining the stability of Egypt's financial system, as well as coordinating efforts in order to avert financial crises and manage them if ever they were to occur, the source added in statements to MENA.

The CBE governor, the ministers of finance alongside the chairman of the Financial Regulatory Authority will be the members of the committee.

The banking draft law stipulates the reformation of the coordination council which is entrusted with setting up the mechanism that coordinates the monetary policies of the CBE and the financial ones adopted by the government, the source pointed out.

Under the bill, the financial stability committee will have representatives of the government and CBE alongside financial experts as its members.

The law regulates cooperation between the central bank, government and authorities tasked with monitoring the financial sector, the source went on to say.

MENA

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