Abul Enein: 'I Second the Central Bank Law Submitted by Government'

Muhammad Abul Enein, a member of the House of Representatives (HoR), affirmed that the draft law of the Central Bank and the banking system confirms that the state is moving in the direction of development thinking and achieving sustainable development.

Abul Enein added that the state seeks to implement these targets through a civilized scientific method, announcing his agreement in principle during the HoRs debate at its session today, on a draft law submitted by the government to issue the law of the central bank and the banking system.

Abul Enein pointed out that the draft law is a great system for reforming and controlling the Egyptian public debt, exchange rates, and all internal and external debts of the government.

He said that the law faces new currencies and crypto-currencies that appeared in the world. They were named as "bitcoin" and got speculations in favor of unknown persons. The new currencies have invaded the American, Chinese and Indian markets and almost penetrated Egypt, but there was a decisive stance to confront them.

He stressed that the new banking system enables the Central Bank (which plays the role of bank of banks) to monitor and activate the technological and digital system. It is a new type of system bases on new thinking that enables Egypt to achieve development and strengthen the national economy.

He indicated that the law is a new title for the investment file, pointing out that the law enables the Central Bank to comply with the legal and technological legislation systems. He noted that the law presents a new idea to increase the banks capital by tenfold.

The law maker revealed that funds of the exchange firms grew to EGP 150 billion, affirming that the law will enable the bank to invest the savings of Egyptians.

"It is unacceptable to find a trillion of pounds without employment, as this represents a great loss at a time when we call on increasing investments as we have great ambitions," the law maker said.

The law maker affirmed that the political leadership is keen to achieve sustainable development in Egypt and the technological infrastructure and financial institutions need to be reconstructed. Also the human cadres and the government staff need more training.

Abul Enein called on the Central Bank and its men to put forward more initiatives during the coming period to achieve financial inclusion and implement new initiatives for investing the savings of the Egyptians, saying that after the approval of the law, the fiscal and monetary policies will be in line with the new economic policy in the country which is based on achieving sustainable development in a studied manner through technological and digital infrastructure.

All financial institutions will work according to a new system and the matter calls for more interaction with qualified human forces.

Abul Enein paid tribute to all those in charge of phrasing the draft law and the Central Bank officials to accomplish such a law, calling for activating the legal and technological of the new law and discussing the challenges resulting from it.

This came during the discussion of a report prepared by the joint committee of the Economic Affairs Committee, the offices of the Constitutional and Legislative Affairs and the Plan and Budget committees, headed by Ahmed Samir, to approve the central bank bill and the banking system after making amendments.