A National Council for Payments was established by a decree issued by President Abdel Fatah El-Sisi on Tuesday - the council aims to reduce the use of banknotes outside the banking system through supporting the use of electronic payments. It will also work to integrate a bigger portion of the population within the banking system and formalise the country's informal economies, according to state-owned Middle East News Agency.
The president will act as the chairman of the council which will include in its membership a number of Egypt's top officials, including the Prime Minister, CBE Governor, six ministers (including defence and interior ministers), and heads of the General Intelligence Agency and Administrative Control Authority. The membership also extends to include other leading government executives.
The council is to convene at least once every 3 months on invitation by the president, and its decisions are binding to all ministries and executive authorities.
The establishment of the council comes as a continuation of Egypt's attempts to fix its economy and once again attract foreign investors.
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