The Central Bank of Egypt (CBE; ar, البنك المركزي المصري) is the

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...

and monetary authority of Arab Republic of Egypt.

Currency

Since the trading of gold and silver coins in Egypt and until 1834, there was no one unit of currency to unify the country. In 1834, a decree was realised stating the forging of an Egyptian currency based on the two metals (gold and silver). In accordance with said decree, the minting of a currency in the shape of gold and silver Riyals began. In 1836, the Egyptian pound was first introduced and it became open for public use. The bank floated the Egyptian pound during the morning of the 13th of November 2016.Hossam Mounir (November 2, 2017) �
Flotation was boldest decision in history of Egyptian economic, banking sectors
published by

Daily News Egypt ''Daily News Egypt'' (''DNE'') is an English-language daily Egyptian newspaper established in 2005 and relaunched in June 2012. Under former owner Egyptian Media Services, it was distributed with the ''International Herald Tribune'' as a suppl ...

- accessed 2020-02-14 The EGP Devaluation: A new beginning
published by

PwC PricewaterhouseCoopers is an international professional services brand of firms, operating as partnerships under the PwC brand. It is the second-largest professional services network in the world and is considered one of the Big Four accounting ...

- accessed 2020-02-14

Functions

Its functions include * Regulates

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

s and the

banking system A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Becaus ...

of Egypt; * Formulates and implements Egypt's banking policy,

monetary policy Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money supply, often a ...

and credit policy; * Issues

banknotes A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable instrument, negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand. Banknotes w ...

; * Manages

gold Gold is a chemical element with the symbol Au (from la, aurum) and atomic number 79. This makes it one of the higher atomic number elements that occur naturally. It is a bright, slightly orange-yellow, dense, soft, malleable, and ductile met ...

and the

foreign exchange reserves Foreign exchange reserves (also called forex reserves or FX reserves) are cash and other reserve assets such as gold held by a central bank or other monetary authority that are primarily available to balance payments of the country, influence ...

of the Arab Republic of Egypt * Regulates and manages Egypt's presence in the

foreign exchange market The foreign exchange market (Forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency. It includes all aspec ...

; * Supervises the national payments system; * Manages Egypt's public and private

external debt A country's gross external debt (or foreign debt) is the liabilities that are owed to nonresidents by residents. The debtors can be governments, corporations or citizens. External debt may be denominated in domestic or foreign currency. It incl ...

List of governors

Following is a list of the Governors of the Central Bank of Egypt:

References

External links

* 1898 establishments in Egypt Banks of Egypt

Egypt Egypt ( ar, مصر , ), officially the Arab Republic of Egypt, is a transcontinental country spanning the northeast corner of Africa and southwest corner of Asia via a land bridge formed by the Sinai Peninsula. It is bordered by the Mediter ...

Banks established in 1898 {{Africa-bank-stub

Currency

Functions

List of governors

See also

References

External links