The Central Bank Of Egypt (CBE), Located In Cairo, Is The Central Bank Of The Arab Republic Of Egypt. It Is A Public Legal Entity That Is Directly Responsible To The President Of Egypt And Has Statutory Autonomy To Assume Its Statutory Functions. The Current Governor Is Hisham Ramiz.
History
See: History Of Egypt
Gold And Silver Coins Were Used For Transactions In Egypt As Early As 1834. It Was Not Until The Establishment Of The National Bank Of Egypt In 1898 That Gold Standard Banknotes Were Issued On April 3, 1899. It Lasted Until February 8, 1914, When Egyptian Pound Banknotes Became The Basic Unit Of Currency And The National Monetary System Was Changed To A Liberal Standard. On June 18, 1953, Egypt Abolished The Monarchy And Declared The Establishment Of A Republic, And The Monetary System Remained In Use. It Was Not Until July 19, 1960 That The Egyptian Government Issued Decree No. 250, Followed By Decree No. 377 On November 2 Of The Same Year, Which Announced The Establishment Of The Central Bank Of Egypt And Gave It The Power To Issue The National Currency. The Following Year, In 1961, The Central Bank Of Egypt Was Officially Established And Began To Operate.
Functions
The Central Bank Of Egypt's Main Functions Are To:
- Maintain Price Stability And Promote The Sound Development Of The Banking System;
- Formulate And Implement Policies Related To Money, Credit And Banking;
- Issue The National Currency And Guarantee Its Value;
- Supervise The Banking Industry;
- Manage The National Foreign Exchange Reserves;
- Regulate The Operation Of The Foreign Exchange Market;
- Control The National Payment System;
- Record And Assume The Country's Foreign Debt;
Organizational Structure
The Highest Management Department Of The Central Bank Of Egypt Is The Board Of Directors. The Board Of Directors Is Chaired By The Director, And There Are Different Committees And Departments Below It.
Previous Governors
Previous Governors Of The Central Bank Of Egypt
