Controversy in the House of Representatives over the prohibition of “distortion of local currencies” by the law “the Central Bank”

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On Sunday, the House of Representatives continued to discuss the central bank bill presented by the government, and the plenary session witnessed a debate on Article 59 of the Central Bank Law stipulating that “anyone other than the central bank is prohibited from issuing any papers or coins of any kind that they have The appearance of criticism or similar to criticism, as it is prohibited to insult, defame, destroy, or write criticism in any way. »

Dr. Ali Abdel-Aal, the head of the council, asked the government: “How will you hold accountable who writes on the currency and how will you recognize it and pray to it ?, and this is the only crime that is difficult to prove and it depends on an ethical and not a legal rule, because there is difficulty in implementation and there may be Confusion between the legal and moral sphere. The session also witnessed questions about the limits of withdrawals for individuals and companies, and the representative of the Central Bank commented, pointing to the procedures that the Central Bank applied during the previous stage.

The plenary session agreed to article “58” and states that “the central bank shall have the right to issue cash and cancel it, and the board of directors shall determine the categories and specifications of the cash that may be issued, and the notes must be signed.”

“Abdel-Aal” said that he and the council trust the Egyptian Central Bank, governor and management and all of its employees, who managed the central bank in a difficult economic circumstance, and also confirmed the confidence of the political leadership in it.

This came in response to a speech by Deputy Kamal Ahmed, who said, in his comment on one of the articles of the central bank bill and the banking system: “If the governor of the central bank does not have a social service qualification,” he said.

Abdel-Al commented, saying: “These words are removed from the discipline altogether. There are heads of boards of directors abroad who have qualifications and have no relationship to a pure economy.”

The central bank bill aims to align with best practices, international norms and legal systems for the corresponding oversight authorities worldwide, in order to maintain monetary and banking stability and avoid financial crises, raise the level of performance, modernization, and development of the banking system and support its competitive capabilities, which qualifies it for global competition, and achieve aspirations The state towards development and economic progress, enhancing the governance and independence of the central bank to ensure the activation of its role and achieving its goals, in light of the constitutional controls for independent bodies and oversight bodies.

The law stipulates that the Central Bank, in the exercise of its powers, may conclude cooperation protocols, memoranda of understanding or agreements with foreign counterparts, with the aim of coordination, cooperation and information exchange, on any of the following issues:

1. Exchanging information on issues agreed upon with these bodies, including information related to licenses, property changes, joint control, sanctions, early intervention procedures and settlement of troubled bank conditions, payment systems and services.

2. Allowing the foreign counterpart bodies to inspect any of the branches of foreign banks or their subsidiaries registered with the central bank, or allow the central bank to inspect one of the branches or banks of one of the Egyptian banks abroad.

3. Joint coordination or prior notification before taking any action that may affect any bank under the supervision and supervision of the other regulatory authority.

4. Coordination of control and status adjustment procedures for foreign banks or their branches registered with the Central Bank or Egyptian banks or their branches operating abroad, and the mechanism for monitoring and supporting the measures taken before either of them.

All of this, provided that the mechanism for treating confidential information in the agency with which to exchange information is in agreement with the confidentiality regulations stipulated in this law.

The central bank may participate in the supervisory groups or settlement groups of troubled banks formed by the corresponding foreign bodies. It also has the right to form these groups for Egyptian banks that have branches or subsidiary banks abroad.

The Central Bank is obliged to use the information obtained from foreign authorities for the agreed purpose, while ensuring that it is not disclosed to any party except with the prior approval of these authorities, or to defend the Central Bank in any lawsuit to which it is a party in accordance with Article (143 / h) of this The law .. The central bank must verify that the information exchanged will be used for the agreed purposes, and that it will not be used for any other purpose except after written approval from it.

The Central Bank may coordinate with the relevant foreign bodies before issuing a resolution to regularize the positions of any of the foreign branches or banks operating in Egypt; In light of the potential impact of this on the banking system in the foreign country.

The central bank may adhere to the settlement decisions issued by foreign counterparts regarding the branch or bank of a foreign bank operating in the Arab Republic of Egypt or issuing complementary decisions to it, provided that this does not have a negative impact on banking stability or the interests of depositors and other creditors of the branch or bank in Egypt. .

The Central Bank and others shall have the right to issue and cancel the cash. The Board of Directors shall determine the categories and specifications of the cash that may be issued, and the banknotes must bear the signature of the Governor.

It is prohibited for anyone other than the central bank to issue any papers or coins of any kind that have the appearance of cash or similar to cash, and it is also prohibited to insult, distort, destroy or write on cash in any of the forms.

The currency issued by the Central Bank will have unlimited release power, and the currency unit in the Arab Republic of Egypt is the Egyptian pound, divided into one hundred piasters.

The issued cash must always meet with a value of gold, foreign exchange, foreign securities, Egyptian government bonds, and their bonds, and any other Egyptian bonds guaranteed by the government.

Gold, foreign exchange and assets constituting the issuance cover are deposited in the Central Bank in Cairo or in any of the banks registered with the Central Bank or foreign banks outside the Arab Republic of Egypt approved by the Board of Directors, and the deposit is in the name and account of the Central Bank.

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