A new bill on Egypt's banking sector is expected to be referred to the House of Representatives before the end of May after being reviewed and approved by the government، a well-placed source with the Central Bank of Egypt (CBE) said.
The bill comprises 240 articles، the source told MENA on Saturday.
The cabinet's economic committee reviewed last week the final version of the bill in the presence of CBE governor alongside the ministers of investment، immigration، manpower، planning، administrative reform، tourism، fniance، trade and public business sector.
CBE Governor Tarek Amer has said earlier that drafting a new banking law falls within the framework of legislative reforms introduced by the state to cope with the fast-paced global financial developments.
The proposed law is meant to support the basis of the legal framework on which the central bank governance should rest، that is independence، accountability and transparency، Amer said، noting that it regulates cooperation between the central bank، government and authorities tasked with monitoring the financial sector.