Chapter Eleven

Controls on Providing Services for Selling Financial Products Issued by Egyptian Banks

And Issuing US Dollar Savings Accounts for the Account of the Central Bank of Egypt via the Egyptian National Post

1. The Egyptian National Post - through its post offices - may provide the services of selling financial products issued by banks, subject to the following controls:

a) The post office providing the service must be licensed, and there must be an agreement between the Egyptian National Post and the bank. This agreement is the sole responsibility of the parties for any products distributed.

b) If the post offices distributing the service are provided by another entity, they must be licensed to provide the service. Therefore, the agreement between the Egyptian National Post and the bank must also include a commitment to this.

c) The agreement between the two parties must also specify the employees of the post office who are committed to a code of ethics. It must also include provisions for additional services agreed upon by both parties, such as the provision of computers or permanent staff in the service area, while observing clear rules if the employee provides more than one financial service.

d) It is necessary to ensure that the employees distributing the service for the bank are licensed and that this status is subject to the provisions of Article 88 of Law No. 2003. Therefore, the employees in the office distributing the service must be employees of the Egyptian National Post and registered with the General Authority for Investment and Free Zones.

e) The bank requesting the Egyptian National Post to distribute its financial products must have the approval of the Central Bank of Egypt to ensure that the bank holding the financial products has the necessary licenses for these products. This approval is subject to the controls of the Central Bank of Egypt, and branches of such banks must be licensed.

1. Decision No. 1 of the Chairman of the Board of Directors of the Central Bank of Egypt dated 8 February 2005.

2. The management of post offices for US Dollar savings accounts shall be on behalf of the Central Bank of Egypt, with the procedure for managing them and the commission of the National Post for providing this service to be determined by the Central Bank of Egypt.