Egypt’s new Banking Law has officially come into effect, following its ratification by President Abdel Fattah Al-Sisi and subsequent publication in the Official Gazette.
The law’s provisions are to apply to all players in Egypt’s banking system, including the Central Bank of Egypt (CBE), exchange firms, and money transfer companies. Also covered by the law are credit reporting and rating companies, credit guarantee companies, payment system operators, and payment service providers.
Tamer El-Dakkak, the legal advisor to the CBE, said that the new banking law came into effect 24 hours following the date of its official publication.
El-Dakkak explained that under Article 4, banks are obliged to reconcile their positions according to the law’s provisions within a period 12 months from the date of its implementation.