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The Central Bank of Egypt (CBE) is an autonomous regulatory body, assuming the authorities and powers vested therein by Law No. 88 for 2003, and the Presidential Decree No. 65 for 2004. The main objectives and functions of the CBE are as follows: realizing price stability and ensuring the soundness of the banking system; formulating and implementing the monetary, credit & banking policies; issuing banknotes and determining their denominations and specifications; supervising the banking sector; managing the foreign currency international reserves of the country; regulating the functioning of the foreign exchange market; supervising the national payments system.