Fund to upgrade banking system to be established under new bill, says CBE official

CAIRO, May 21 (MENA) – A fund to upgrade the banking system should be established as part of a new bill, an official source with the Central Bank of Egypt (CBE) has said.

The fund will have its independent legal entity, the source told MENA Tuesday, noting that its supplies will constitute not more than one percent of the annual net profit that would otherwise be distributed to banks.

The main goal of the fund is to upgrade the inter-bank infrastructure in a way that would serve the national economy, the source noted.

The fund will be used to upgrade the electronic identification system and instant payment system and ATM services, as well as the national payment system, the source added.