Central Bank: The project of localization of salaries reduces the cost of printing currency and risk to individuals and institutions


Central Bank Governor Ali al-Alaq announced Wednesday that the project of localization of salaries will reduce the cost of printing the currency and reduce the direct and indirect risks to individuals and institutions, pointing out that the project aims to create a competitive market development of banking services.

*"In order to shift from a purely monetary society to a society that adopts electronic payment tools, the central bank has led this process through the acquisition of systems and infrastructure," said Ali Al-Alak, governor of the Central Bank of Egypt. Best practices consistent with international standards ".

He added that "the project to settle salaries will reduce the cost of printing and counting and sorting the currency and reduce the direct and indirect risks to individuals and institutions."

He pointed out that "this transformation aims to create a competitive market, the development of services and practices in the banking sector." He pointed out that "there is wide interaction by the banking sector to make the success of the project to settle salaries through the use of the best programs and equipment."

He pointed out that "the Central Bank provided the legal and legislative framework to work electronic payment tools through the formation of the Supreme Council for electronic payment, which includes the public and private sector," stressing that "the project to settle salaries means improving the process of financial inclusion."

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