What are the banks that are not subject to the Central Bank of Egypt?

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  • January 16, 2024
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As we know, the central bank in any country in the world is considered the reference for most of the banks in the country. It is responsible for collecting funds, providing the necessary liquidity to licensed banks, and developing financial plans for the government for the economic advancement of the country. But Did you know that there are banks in Egypt that are not subject to the Central Bank of Egypt? Yes, this is correct. There are banks in Egypt that are not subject to the authority of the Central Bank of Egypt.

What is the bank that is not subject to the Central Bank of Egypt? What are the reasons that make it not subject to the Central Bank of Egypt? Follow this guide with us to learn the details.

Banks not subject to the Central Bank of Egypt

Banks provide various banking and financial services and a large percentage of people have become dependent on them in many different fields. The financial sector in every country is considered one of the most important economic sectors and is supervised almost entirely by banks, and most banks in every country are affiliated with the central bank. The main branch of the state government.

There is a section of banks that is not affiliated with the Central Bank and is not subject to its decisions because the basic organizational structure of the bank stipulates that it is not subject to the decisions issued by the Central Bank of Egypt. In the past few days, some people on social networking sites have begun to wonder about banks that are not affiliated with the Central Bank of Egypt. Therefore, in this article, we will address and provide details about the banks that are not subject to the Central Bank of Egypt.

Banks not subject to the Central Bank of Egypt

The Arab Bank is considered the bank that is not affiliated with or subject to the Central Bank of Egypt, because its entire business and services that it provides follow the rules of Islamic Sharia, in addition to the fact that the bank’s records are completely not related to the laws related to administrative, judicial, or accounting oversight and inspection, which are issued by the Central Bank of Egypt. .

Does the central bank intervene in financial policy?

Before we answer the previous question, it is necessary to clarify the idea of ​​financial policy so that the answer is both clear and consistent.

The term financial policy expresses the link between government revenues and spending, and the goal of this policy is to control the profit rate achieved by the bank. Banks rely almost entirely on financial policy in providing banking financial services to public institutions and to the government in general.

Therefore, the Central Bank intervenes in this policy, as it works to expand or reduce the monetary base that each bank possesses in terms of the currency circulating in the markets or in terms of the reserves that the banks possess.

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What are the banks affiliated with the Central Bank of Egypt?

The Central Bank of Egypt is constantly working to provide more financial services to the banks that are subject to it in order to enhance economic growth and reduce the unemployment phenomena that Egypt is witnessing at the present time. It also offers many monetary and financial consultations to the Egyptian government and to the banks as well, which we will present to you in this paragraph. The list of banks affiliated with the Central Bank of Egypt is as follows:

  • Qatar National Bank Al Ahli.
  • Commercial International Bank CIB.
  • Egyptian Agricultural Bank
  • National Bank of Egypt-NBE.
  • Egypt Bank
  • Bloom Egypt
  • Arab Investment Bank-AI.
  • Attijariwafa Bank.
  • Bank of Alexandria
  • Housing & Development Bank.

What are the banks that are not subject to the central bank’s decision to increase the mandatory reserve?

Recently, the Central Bank of Egypt issued a decision to increase the mandatory reserve in banks, but it excluded three banks in its decision. Before working on presenting the excluded banks, we will provide you with some details about the mandatory reserve.

The mandatory reserve is a percentage of all customers’ deposits that are placed in banks and in the local currency and is calculated over a period of less than 3 years. Banks must place this percentage in the central bank without the banks receiving anything in return, and this matter may affect the banks’ profits therefore. Banks work to take a set of decisions and procedures in order to increase their revenues or work in the opposite process to reduce financial expenses.

As for the banks that are not subject to the Central Bank’s decision to increase the mandatory reserve, we will provide it: they are the Egyptian Land Bank, the Egyptian Agricultural Bank, and the Nasser Social Bank.

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What are the reasons for exempting the Central Bank of Egypt from the decision to increase the mandatory reserve?

Each bank has a specific reason for which the Central Bank decided to exempt it, and in this paragraph we will provide full details about this topic.

1. Agricultural Bank of Egypt

In a decision by the Central Bank of Egypt, which excludes the Agricultural Bank from the mandatory reserve ratio in order to work to help the bank in supporting farmers and peasants, as it is considered the arm of the Ministry of Agriculture working to plan and achieve the state’s strategy in Egypt on an ongoing basis.

In the recent period, a lot of debts have increased on the Agricultural Bank, and in order to get rid of them, the Central Bank of Egypt decided to exempt it from the mandatory reserve and work to pay the bank’s dues in full.

2. Land Bank

The Real Estate Bank was one of the banks that obtained an exemption from paying the mandatory reserve deposit with the approval of the Central Bank of Egypt. The goal of exempting the bank from the mandatory reserve is to confront the bank’s losses and restructure it.

3. Nasser Social Bank

The instructions and laws that are issued by the Central Bank of Egypt do not apply to Nasser Social Bank. The reason for this is that Nasser Bank is not subject to the laws and supervision of the Central Bank of Egypt, and despite the continuous attempts to annex Nasser Social Bank, the law issued by the bank does not It is subject to the Bank of Egypt, but its subordination remains to the Ministry of Social Solidarity, and Al-Nasser Bank is still working continuously to implement the state’s strategy in supporting the poor segments of society.

Conclusion

The summary of our article, my dear followers, is to present all the banks that are not subject to the Central Bank of Egypt, where you can learn about the list of banks that are not affiliated with the Central Bank. We also presented to you a list of banks that are subject to the Central Bank of Egypt, and we also provided you with more details about the banks that are not subject to a decision. Mandatory precaution. We hope that you liked the article. Follow us continuously to learn about everything new.

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