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Central Bank of Egypt

The Central Bank of Egypt or CBE was set up in 1961. It operates as an independent legal and public entity. It operates as per the powers and authority provided to it by the Law No. 88 for 2003 and the Presidential Decree No.64 for 2004.
The CBE operates with a paid up capital of 1000 million Egyptian Pounds. Its funds are normally regarded as private funds.

Central Bank of Egypt - Functions and Objectives:
The functions and objectives of the CBE are mentioned as below:
  • Making sure prices are stable and the banking system functions properly. It also decides the basic aims of the monetary policy. These are done as per the Presidential Decree No. 17 for 2005 and in agreement with the government.

  • Looking after the different banking sector units.
  • Implementing and making the monetary, banking and credit policies.
  • Managing the foreign exchange and gold reserves of Egypt.
  • Providing banknotes and deciding their specifications and denominations.
  • Managing and regulating the foreign exchange market.
  • Administering liquidity in the national economic system aside from conducting open market operations.
  • Administering the national payments system.
  • Ensuring that Egypt’s private and public debts are consistently documented and paid.


Central Bank of Egypt - Board of Directors:
The board of directors of the Central Bank of Egypt comprises 12 members along with the Chairman or Governor, and Vice Chairmen or the Deputy Governors.

Name
Position
Dr. Farouk Abd El Baky El Okdah Governor and Chairman of the Board
Hisham Ramez Abdel Hafez Deputy Governor
Dr. Ziyad Ahmed Bahaa El Din Chairman of the Egyptian Financial Supervisory Authority
Momtaz Mohamed El-Said Representative of the Ministry of Finance
Dr. Mohamad Fathi Sakr Representative of the Ministry of State for Economic Development
Hasan El Sayed Abdalla Representative of the Ministry of Foreign Trade and Industry
Abd El Salam Mostafa El Anwar Chairman and Managing Director of HSBC Egypt
Mohamed Kamal El-Din Barakat Chairman of Banque Misr
Mona Zulfiqar Legal Expert
Dr. Mahmoud Abd El Fadeel Hussein Economic Expert
Aladdin Saba Economic Expert
Tarek Hassan Aly Amer Chairman of National Bank of Egypt

Along with the above-mentioned experts Hazem Zaki Hassan is a member of the board of directors. He is a certified public accountant and an expert in bank accounts holding.

Central Bank of Egypt - Monetary Policy:
The monetary policy objective of the Central Bank of Egypt is governed by the Law No. 88 of 2003 of the Central Bank, Banking Sector and Monetary System. Monetary stability is the fundamental objective of the apex Egyptian bank. In the medium term, it also looks to restrict the inflation rates for maintaining high levels of investor confidence and participation. Fiscal discipline is an important objective of the CBE as well.

Central Bank of Egypt - Publications:
Following are the regular publications of the CBE:
  • Monthly Statistical Bulletins
  • Economic Reviews
  • Annual Reports
  • Egypt External Position Quarterly Reports

Central Bank of Egypt - Auctions:
The following auctions are performed by the Central Bank of Egypt:
  • Treasury Bill Auctions
  • Outright Sales of CBE Certificate of Deposits
  • Treasury Bill Auctions in US dollars
  • Deposits
  • Egyptian Treasury Bonds
  • Repo
  • Outright Sales of CBE Notes

Central Bank of Egypt - Banking Laws:
The CBE adheres to the following laws in its operations:
  • The Central Bank, The Banking Sector and Money Law No 88 for 2003 with its Amendments
  • Executive Regulations of the Anti-Money Laundering Law
  • CBE Statute (Arabic- English)
  • Presidential decree no. 164 for 2002
  • Executive Regulations of the CBE, Banking Sector and Money Law
  • Prime minister decree no. 1599 for 2002
  • Presidential Decree No. 17 for 2005, establishing the Coordinating Council
  • Egyptian Credit Bureau Laws
  • Anti-Money Laundering Law

Central Bank of Egypt - Currency Notes:
The following denominations are presently issued by the Central Bank of Egypt:
  • Two Hundred Pound Notes
  • Five Pound Notes
  • One Hundred Pound Notes
  • One Pound Notes
  • Fifty Pound Notes
  • Fifty Piastre Notes
  • Twenty Pound Notes
  • Twenty Five Piastre Notes
  • Ten Pound Notes

Central Bank of Egypt - Contact Details:
The contact details of the CBE may be mentioned as below:
Central Bank of Egypt
54 Elgomhoreya Street
11511, Cairo Egypt
Phone: +202 27702770, +202 27701770, and +202 25976000
E-mail address: info@cbe.org.eg

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Last Updated on : 30th July 2013

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