Versions

 

Article 33

The Agency may carry out the following operations with banking firms:—

A — Open and maintain accounts for banking firms, and accept their deposits, upon the terms and conditions to be from time to time determined by the Agency's Board of Directors.
B — Buy, sell, discount and re-discount bills of exchange and promissory notes drawn or issued for bona fide. commercial, industrial or agricultural purposes, bearing two or more valid signatures and maturing within 92 days of the date of their acquisition by the Agency.
C — Buy, sell, discount or re-discount government treasury notes that are part of a public issue and maturing within 92 days of the date of their acquisition by the Agency.
D — Grant loans, whether in the form of advances or credit facilities, for periods not exceeding 180 days, against securities considered by the Agency's Board of Directors to be adequate.
E — Buy, sell and deal in the assets mentioned in Article (30) of this law.
F — Bonds issued or guaranteed by the Government within the limits set in Article (46).
G — Grant loans, in exceptional circumstances, for the purpose of assisting the borrowing banking firm to overcome a sharp drop in its liquidity or solvency. The terms and conditions pertaining to such loans shall be determined by the Agency's Board of Directors with the approval of the Minister of Finance.