Regulatory Alerts2005-01-01
Law No. 93 of 2005 Amending Certain Provisions of the Central Bank, Banking System and Currency Law No. 88 of 2003
The Egyptian Parliament enacted Law No. 93 of 2005 to amend the Central Bank, Banking System and Currency Law No. 88 of 2003, fundamentally restructuring bank ownership rules, corporate governance standards, and the regulatory framework for credit information and money financing companies. The legislation authorizes the Central Bank to license and supervise credit rating and financing entities with a minimum five-million-pound capital requirement, permits foreign banks to accept commercial real estate as collateral, and grants bank boards autonomy over internal regulations and compensation structures outside public sector constraints. Additionally, it mandates strict confidentiality for customer data, establishes specific penalties for fraudulent credit applications, and requires existing exchange and financing firms to regularize their status within one year of enactment.