Law 57 of 1951 on the establishment of a Central Bank for the country was issued not to found a new institution but rather to grant this new attribute to an existent one . It stated that the National Bank of Egypt will act as the Central Bank .  this law aimed to Egyptianize the bank stating that the governor his deputy and all the Board members must be Egyptians

Following that law the first Egyptian governor of the bank Dr. Ahmed Zaky Saad was appointed on the 12 of May 1951 . When the Egyptian government wanted to establish a Central Bank in the country it had two choices either to found a new one or to entrust responsibilities of the Central Bank an existent institution . It opted  for the second choice . The National Bank of Egypt was the one chosen for this responsibility as it was actually doing the job of a central bank and was giving the services usually connected to central banks 

On 1960 Law 250 was issued concerning the Central Bank of Egypt and the National Bank of Egypt but it was put into effect later on the 1 st of January 1961 . Till that date the National Bank was still fulfilling the role of a Central Bank as stated in the Banks Law