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:: BANKING SYSTEM

The Banks & Credit Law 163 of 1957, as amended, regulates the Egyptian banking system. Presently, there are 62 banks operating in the market:

•  28 commercial banks (4 public sector and 24 private and joint venture),

•  31 business and investment banks (11 private and joint venture and 20 branches of foreign banks),

•  3 public sector specialized banks (1 industrial, 1 real estate and 1 agricultural),

•  In addition, there are 17 agricultural banks in governorates.

The Central Bank of Egypt is the regulatory body responsible for setting and co-ordinating monetary and banking policies.

As part of the reform of the banking system, branches of foreign banks were allowed in March 1993 to conduct business in Egyptian pounds for the first time. In mid 1996, Law 97 allowed foreign shareholders to own majority stocks in local joint venture banks, but provided for the Central Bank of Egypt 's approval for shareholders taking more than 10%.

Banks are also allowed complete freedom in setting interest rates, fees and commissions on banking services. The passage of Law 155 in 1998 allowed for the unlimited sale of shares in the four commercial state-owned banks to the private sector and permitted foreigners to participate.

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