Central Bank of Egypt
Encyclopedia
- This is the article for Egypt's central bank; for "Bank of Egypt" please see Banque MisrBanque MisrBanque Misr is an Egyptian bank founded by industrialist Talaat Pasha Harb in 1920.- Operations :The bank has branch offices in all of Egypt's governorates, and currency exchange and work permit offices for overseas workers in Egypt.Related organizations: Banque Misr presents long lists of its...
The Central Bank of Egypt is the central bank
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
of Egypt
Egypt
Egypt , officially the Arab Republic of Egypt, Arabic: , is a country mainly in North Africa, with the Sinai Peninsula forming a land bridge in Southwest Asia. Egypt is thus a transcontinental country, and a major power in Africa, the Mediterranean Basin, the Middle East and the Muslim world...
. The bank's paid-up capital is 1000 million Egyptian pound
Egyptian pound
The Egyptian Pound is the currency of Egypt. It is divided into 100 Qirsh , or 1,000 Milliemes ....
s. According to its website, the CBE:
- Regulates bankBankA bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
s and the banking system of Egypt - Formulates and implements Egypt's banking policy, monetary policyMonetary policyMonetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability. The official goals usually include relatively stable prices and low unemployment...
and credit policy, including interbank rates; - Issues banknotes;
- Manages goldGoldGold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...
and the foreign exchange reservesForeign exchange reservesForeign-exchange reserves in a strict sense are 'only' the foreign currency deposits and bonds held by central banks and monetary authorities. However, the term in popular usage commonly includes foreign exchange and gold, Special Drawing Rights and International Monetary Fund reserve positions...
of the Arab Republic of Egypt - Regulates and manages Egypt's presence in the foreign exchange marketForeign exchange marketThe foreign exchange market is a global, worldwide decentralized financial market for trading currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends...
; - Supervises the national payments system;
- Manages Egypt's public and private external debtExternal debtExternal debt is that part of the total debt in a country that is owed to creditors outside the country. The debtors can be the government, corporations or private households. The debt includes money owed to private commercial banks, other governments, or international financial institutions such...
.
List of Governors
- Dr. Farouk Abd El Baky El Okdah [December 2003 — PresentFarouk El OkdahFarouk Abd El Baky El Okdah is the Governor of the Central Bank of Egypt "CBE" since December 2003.-Academic Qualifications:*Ph.D. in Business and Applied economics, The Wharton School, University of Pennsylvania, 1983...
] - Dr. Mahmoud Abul Eyoun [December 2001 — December 2003]
See also
- Central banks and currencies of AfricaCentral banks and currencies of AfricaThere are two African currency unions associated with multinational central banks; the West African Banque Centrale des Etats de l'Afrique de l'Ouest and the Central African Banque des Etats de l'Afrique Centrale...
- Economy of EgyptEconomy of EgyptThe economy of Egypt was highly centralized under President Gamal Abdel Nasser. In the 1990s, a series of International Monetary Fund arrangements, coupled with massive external debt relief resulting from Egypt's participation in the Gulf War coalition, helped Egypt improve its macroeconomic...
- List of central banks