Article · Wikipedia archive · Last revised Jun 6, 2026

Central Bank of Egypt

The Central Bank of Egypt is the central bank and monetary authority of Egypt.

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Jun 6, 2026
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Central Bank of Egypt
البنك المركزي المصري
Central Bank building in Cairo
Central Bank building in Cairo
Central bank ofEgypt
HeadquartersCairo
EstablishedJanuary 1961 (1961-01)1
Ownership100% state ownership2
GovernorHassan Abdullah
CurrencyEgyptian pound
EGP (ISO 4217)
ReservesUSD 30.22 billion3
(April 2026)
Bank rate19.00% (February 2026)4
Preceded byNational Bank of Egypt
(until 1960)
Websitewww.cbe.org.eg

The Central Bank of Egypt (CBE; Egyptian Arabic: البنك المركزى المصرى) is the central bank and monetary authority of Egypt.5

Regulates banks and the banking system of Egypt; Formulates and implements Egypt's banking policy, monetary policy and credit policy; Issues banknotes; Manages gold and the foreign exchange reserves of Egypt; Regulates and manages Egypt's presence in the foreign exchange market; Supervises the national payments system; As part of this, launched an instant payment system called InstaPay in March 2022; Manages Egypt's public and private external debt.6

History

The structural roots of the CBE began with the creation of the National Bank of Egypt as a commercial joint-stock company on June 25, 1898, by British financier Sir Ernest Cassel alongside prominent local partners.7

Following the 1952 revolution and a broader push toward "Egyptianization" and the nationalization of strategic corporate assets, the government decided that a commercial entity should no longer wield central banking powers.7

In July 1960, Law No. 250 was enacted, decreeing the formal nationalization of the NBE and dividing it into two completely separate entities. Established in January 1961 to inherit the sole authority to issue banknotes, formulate monetary policy, and supervise the domestic banking registry.1

In 1967, To eliminate reliance on foreign printing houses, the CBE established its own Banknote Printing House in Giza.8

Law No. 88 of 2003, This unified banking law fortified the CBE’s operational independence, formalizing its core mandate to ensure price stability.9

In November 2016, under the governorship of Tarek Amer, the CBE took the historic and critical structural step of fully floating the Egyptian Pound to stabilize foreign exchange reserves and rebalance the macroeconomy.1011

Law No. 194 of 2020, This sweeping regulatory upgrade replaced older legislation to bring the Egyptian banking ecosystem in line with modern international standards. It expanded the CBE’s oversight to cover digital banking, fintech innovations and payment systems.12

Currency

First polymer banknote (2022) source ↗

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.13

List of governors

Following is a list of the Governors of the Central Bank of Egypt:14

N.° Name Mandat
1 Abd El-Hakim El Refaie March 1960 March 1964
2 Ahmed Zendo March 1964 February 1967
3 Ahmed Nazmy February 1967 January 1971
(2) Ahmed Zendo February 1971 March 1976
4 Mohamed Abd El Fatah Ibrahim March 1976 January 1982
5 Mohamed Shalaby February 1982 March 1985
6 Ali Negm March 1985 November 1986
7 Mahmoud Hamed November 1986 October 1993
8 Ismail Hassan Mohamed October 1993 October 2001
9 Mohamed Abul Eyoun October 2001 November 2003
10 Farouk El-Okdah December 2003 February 2013
11 Hisham Ramez February 2013 November 2015
12 Tarek Hassan Amer November 2015 August 2022
13 Hassan Abdullah August 2022 Present
See also

See also

References

References

  1. Makary, Marina (31 August 2023). "The Central Bank of Egypt: From the 1960s Until Today". Egyptian Streets.
  2. Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
  3. "Egypt Foreign Exchange Reserves, 2004 – 2026 | CEIC Data". Ceicdata.
  4. "MPC Press Release 12 February 2026". Central Bank of Egypt. 12 February 2026.
  5. Mounir, Hossam (9 November 2025). "Egypt's net international reserves surpass $50bn for first time in October: CBE - Dailynewsegypt".
  6. "Overview and Objectives". Central Bank of Egypt.
  7. "THE NATIONAL BANK OF EGYPT (NBE) 1898-1998, Saturday, May 11 and 25, 1996". www.egy.com.
  8. "Historical Introduction". Central Bank of Egypt.
  9. "Executive Regulations Of The Law No. 88 of the Year 2003 of The Central Bank" (PDF).
  10. Mounir, Hossam (22 February 2016). "CBE to consider floating pound when foreign reserves hit $30bn". Daily News Egypt.
  11. Mounir, Hossam (2 November 2017). "Flotation was boldest decision in history of Egyptian economic, banking sectors". Daily News Egypt.
  12. "Translation of Law No. 194 of 2020". Andersen. 31 July 2025.
  13. "نبذة تاريخية" (in Arabic). Central Bank of Egypt.
  14. "CBE Governors". www.cbe.org.eg. Archived from the original on 30 December 2018.