His Excellency the Egyptian President, Mr. Hosni Mubarak, has issued a Presidential Decree to draft the executive legislation of the Central Bank of Egypt (CBE) and the Banking Law, Zawya.com reported.
The executive legislation sets the banking compliance rules, as well as regulations pertaining to the credit facilities provided by banks.
The legislation also stipulates that the CBE is to set, along with the government, the monetary policy so that banks can engage in foreign exchange after obtaining the authorities of CBE governor.