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Egypt's parliament considering banking system draft law

Egypt’s new Central Bank of Egypt draft law could raise the minimum capital requirement for banks tenfold.
Central Bank of Egypt's headquarters are seen in downtown Cairo, Egypt, September 7, 2017. REUTERS/Mohamed Abd El Ghany - RC11127C23C0
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CAIRO — According to Egyptian parliamentarians who spoke with Al-Monitor, the Egyptian parliament is currently considering the Central Bank of Egypt (CBE) draft law, also known as the CBE and banking system law. The new law may raise the minimum capital requirements for banks tenfold.

The state-run Middle East News Agency (MENA) cited a Central Bank official it did not identify as saying the new law raises the amount of capital needed to 5 billion pounds ($294 million) from 500 million ($29 million). Branches of foreign banks will need at least $150 million, up from $50 million.

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