What is the official central bank of Egypt responsible for formulating monetary policy, managing national foreign currency reserves, and supervising commercial banks?
Answer and explanation
Correct answer: A. The Central Bank of Egypt (Al-Bank Al-Markazi Al-Misri)
- Step 1: The Central Bank of Egypt (CBE), established as an autonomous state bank in 1961, regulates the banking system, determines official interest rates, manages gold and foreign currency reserves, and ensures financial stability under the Banking Law.
Answer
The Central Bank of Egypt (Al-Bank Al-Markazi Al-Misri).
Why not the others: 'National Bank of Egypt (NBE)' and 'Banque Misr' are state-owned commercial retail banks; 'Bank of Alexandria' is a commercial bank majority-owned by Italy's Intesa Sanpaolo.
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