Monday 11/November/2024 – 11:12 AM
She spent Constitutional Court The Supreme Court, headed by Counselor Boulos Fahmi Iskandar, rejected the case referred to challenge the constitutionality of the texts of Laws No. 88 of 2003 issuing the Central Bank, Banking System and Monetary Law, and No. 194 of 2020 issuing the Central Bank and the Banking System Law.
Requiring exchange companies to increase their paid-up capital
The decision came to oblige exchange companies to adjust their situations within a specific period of time from the date of their implementation by increasing their capital to the limit specified in Articles 115 of the other law and 208 of the second law.
In the reasons for its ruling, the court said that exchange companies are subject to the licensing system, which does not create a final and stable legal status for them. Rather, this license remains subject to legislative intervention by amending, deleting, and canceling within the limits of the law, which is consistent with the nature of foreign exchange dealing activity, and the subjection of these companies. For any amendment to its legal system without claiming that it had previously acquired a legal status under a previous law.
The texts referred came within the framework of the legislator’s authority to regulate banking activities, and to set a minimum limit for the capital of companies involved in this activity in order to ensure their solvency and their ability to achieve the constitutional purposes aimed at by the economic system, giving them an appropriate period to adjust their situations, which does not entail a retroactive effect. Or infringes on the right to property, and does not constitute a violation of any provision of the Constitution.
