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Egypt Financial Policy for Adjustment and Growth Volume 11 Financialintermediaries September20, 1993

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Egypt Financial Policy for Adjustment and Growth Volume 11 Financialintermediaries September20, 1993 Egypt Financial Policy for Adjustment and Growth Volume 11 FinancialIntermediaries September20, 1993 CountryDepartment 11 (MN2) CountryOperations Public Disclosure Authorized Middle Eastand North Africa Region FOR OFFICIAL USE ONLY 00 Public Disclosure Authorized in D ... f oi Public Disclosure Authorized - I . ) C * I2 S1 'isclosed without World Rank authcgization Public Disclosure Authorized CURRENCY EOUIVALENTS Currency Unit - Egyptian Pound (LE) LE per US Dollar (average) 1991 3.009 1992 3.323 August 1993 3.348 (actual) FISg& YEAR July 1 - June 30 LIST OF ABBREVIATIONS BCCI Bank of Credit and Commerce International BCCM Bank of Credit and Commerce Misr ChO Central Audit Organization CAPMAS Central Authority for Public Mobilization and Statistics (Central Government's Bureau of Statistics) CBE Central Bank of Egypt CLG Central and Local Government CMA Capital Market Authority CML Capital Markets Law CSI Contractual Savings Institution Da Defined Benefit DC Defined Contribu:ion DDSR Debt Debt Service Relief DFI Direct Foreign Investment ECAs Export Credit Agencies EGPC Egypt General Petroleum Corporation EIAA Egyptian Institute of Accountants and Auditors EISA Egyptian Insurance Supervisory Authority EPF Employees Provident Fund ERs Executive Regulations ERSAP Economic Reform and Structural Adjustment Program FRBNY Federal Reserve Bank of New York GAFI Investment Authority GASC General Authority Supply Companv GASI General Authority for Social Insurance GCFCG Gulf Crisis Financial Coordination Group HCs Holding Ccmr,any HDB Housing Development Bank IICs Islamic Investment Companies ISCs Income Subject to Contribution MIs Management Institutions MOE Ministry of Economy MOF Ministry of Finance MHPU Ministry of Housing and Public Utilities NBE National Bank of Egypt NIB National Investment Bank FOR OMCIAL USEONLY NOIP National Organizationfor Insurance and Pensions 0N0 Open Market Operations PAo Public Economic and service Authorities PAC Pension AdministrationCommission PAPFs Private Alternative Pension Funds PAYG Pay-Au-You-Go PBDAC Principle Bank for Development and Agricultural Credit PCPFU Private ComplementaryPension Funds PER Public Enterprise. PRO Public Enterprise Office PFe Pension Funds PFMSo Pension Fund Management Institutions POS Point of Sale RC Risk Classification RCC Risk ClassificationCommission wrepo,w Reverse Transactions SAL Structural Adjustment Loan SAMP Structural Adijustment Monitoring Program SBA Stand-by Arrangement SCG Subject to Contribution SIMICs Social InsuranceManagement Institutions Commission SI5 Social Insurance System TB. Treasury Bills TPL Third-Party Liability VAT Value-Added Tax GLOSSARY Defined Benefit Pension Plan - Pensions are determined by an actuarial computation that incorporates salary and years of service. Defined ContributionPension Plan - Pensions are solely determined by the accumulatedcontributions to an individual account and on the investmentperformance of tha fund. Moral Hazard - Individual causing a deliberate loss in order to collect the proceeds of an insurancepolicy. Morale Hazard - Attitude of indifferenceto loss created by the purchase of insurance. Pay-as-you-goPension Plan - Benefits received by current retirGea are equal, on average to uontributionsby current active workers. Saving - Rate of wealth accumulation. Savings - Stock of financial assets. This document has a restricted distribution and may be used by recipients only in the performance of their officialduties. Its contents may not otherwise be disclosedwithout World Bank authorization. PREACE AM ACKNLDGM S This report presents the findings and conclusions of a World Bank mission that visited Egypt in late September and early October of 1991 to study financial policies and intermediationin the country. At the request of the Government of Egypt, the report presents an analysis of the main issues impairing efficient resource mobilizationand allocation The work program was designed to provide analytical support tv the policy reform program that the Egyptian Government has initiated in this important area. It was executed as a collaborativeeffort between the World Bank team and a group of counterpartsin the Egyptian Government. The recommendationsare directed at: (1) improving the policy environment; (ii) increasing the solvency and efficiency of financial intermediaries;(iii) increasing equity in the social insurance system; (iv) correcting labor market distortions;and (v) providing appropriate mechanisms to help develop a market economy. Volume I presents the Executive Summary and the Policy Environment;Volume II covers the analysis of Financial Intermediaries. These volumes are intended primarily for Egyptian policymakers. Volume III contains the StatisticalAppendix and the Technical Annexes. Finally, it should be noted that this report does not cover the analysis of sector credit agencies (PrincipleBank for Development and AgriculturalCredit (PBDAC),Housing Bank, etc.), which will be undertaken in future sector-specificprojects. The Bank team wishes to convey its appreciationto the Egyptian authoritieswho kindly provided valuable informationand support, especially to the Governor of the Central Bank of Egypt, H.E. Dr. Mahmoud Salah el din Hamed; the Minister of InternationalCooperation; H.E. Dr. Maurice Makramallah;the Minister of Cabinet Affairs and AdministsativeDevelopment; H.E. Dr. Atef Mohamed Ebeid; and the Economic Advisor to the Prime Minister, Dr. Youssef Boutros Ghali. The mission also met with officials from the Central Bank of Egypt, the Prime Minister's office and the Ministries of Finance, Interior, Economy, Planning, and Soclal Affairs and Insurance; CAPMAS; the Public Sector InformationUnit; and the National Investment Bank (NIB). The mission also met with public sector banks and insurance companies, as well as with private sector representatives: businessmen,bankers, insurers, economists, lawyers, accountants,auditors, tax experts, actuaries, trade associationsand professors from Cairo University and American University. In addition, the mission met with representatives of the donor community. In general, all parties were extremely interested in and supportive of the study. The World Bank team contributingto the report consisted of Messrs.\Mmes.: Alberto R. Musalem (team leader, Chapter I and co-author to Chapters II, VII, VIII, X, XI and the NIB section of Chapter IX); Marcelo Giugale (issues on financial liberalization);Klaus Schmidt- Hebbel (domestic saving mobilization);Erik Nielsen (foreign resource mobilizatinn);Mark Gersovitz,Roger Gordon, and Joel Slemrod (the taxation of financial intermediation);Dimitri Vittas and Asli Demirguc- Kunt (the banking sector and the NIB section of Chapter IX); Luis Valdez (the insurance market); Gary Burtless (social insurance and a proposal for reform); Juan Ariztia (pension funds); and Robert Mertz and Robert Pardy (the securitiesmarket). Antony Thompson assisted in the compilation of the Gray Cover.Report. Valuable comments were provided by Professor Lawrence Kotlikoff of Boston University. The team was supplementedby: Fernando Batista (technicalsupport); Jo Bishoff (editor); Neda Pirnia (researchassistant); Jim Cantrell (computer systems); Lourdes Rasmussen,Marie Rebueno, Nancy Ribeiro and Hoda Rizkalla (word processing). - it- EGYPT FINANCIAL POLICY FOR ADJUSTMENT AND GROWTH VOLUME I - POLICY ENVIRONMENT TANI& OF CONTENTS Paaa He. EXECUTIVE SUMMARY OVERVIERJ. xxi Backr-grzn-d- The Economv. xxill RfecentEconomlc PerformanMc. xxil Financial LLberalizationand The Seaecioo of the ReforM Program.. xxiv Domestic RegsourceMobilization under Financial Reform and Stabilization . xxv. Foreign Resource Mobilization . xxviii Taxation of Financial Intermediation. xxviii Possible Tax Reforms.. xxix The Pure Alternative of ExemDtina Capital Income. xxix A Variant of the Pure Alternative System . xxx The Ootion of a Classic Income Tax . xxx The BankinaSector. xxx Increasing the Conte2tability of Bankina . xxxi Removino Economic Reaulation. xxxii Strengthenina Prudential Reoulation and suvervision. xxxii Enhancing the Ooerating Efficiencg of Banks. xxxii TheIjnsuranceSector. xxxill Short-Term ActionPlan. xxxiv MedLum-and Long-Term Action Plan. xxxlv The Social Insurance Syste . xxxv Prooged Technical Reforms . xxxv1i Private Pension Plans . xxxvll Status of PFs in Eayot . xxxviL General Rules to Pension Funds . xxxvili A Pro2wsal for Reformina the Soclal Insurance and Pension Systems. xxxviii The Future Role of the National Investment Bank. xli The Secur&ties Market . xli$ Government Reform Aaenda. xlili TaxatLon. ..... .. xlii BranfLng ... xliv 5ocial Securitv. xliv Private PensLon Schemes. xlv CaRital-Market Reforms . xlv CHAPTER 1 INT,RODUC.P2. 1 Flnanclal IntermeaLjjatLon . 1 Financial Policy - overview . 2 - iv - BacSkaround-!JheEconomY ................................. S ExternalDebt .o. ...7 Imolementationof tha ERSP . 8 Recent Economic,Perfgrmane . 10 Scone of the Renort . 11 CHAPTER II ISSUES ON FINANCIAL LIBERALIZATION . 15 Introducti2n . .......15 The Balance of Paymentes inflation and Devaluation . .. .. 15 Monetarv Policy -- Intu°ad Interxvntion . 18 Monetary and Excha:ige Rate Policies . 19 Monetary Instruments . 9. .9 . 9 . 19 Open Market Operations . 20 Reversed Tr-nsactions t"reoos"9 . 21 Bank Specific Credit Ceillnag . 21 ReServe ReouireMents . 21 Discount Wndow . 22 Shiftina Public Sector Deosit . 23 The Informatlon System for Monitorlng Policy . 23 Portfollo Shifts and Risk Management . 24 Possible Fcical Implicatir,piof Financial Libera;ization.
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