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.
|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
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
Egyptian Treasury Bonds
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: email@example.com
Last Updated on : 30th July 2013