Monetary policy coordinating council to hold first meeting at cabinet Thursday

Hossam Mounir
2 Min Read
Petroleum Minister Sherif Ismail (DNE Photo)

The coordinating council for fiscal and monetary policies will hold its first meeting on Thursday, after being reshuffled.

According to a senior government official, who requested to remain anonymous, a number of important files related to the fiscal and monetary policies are scheduled to be discussed during the meeting.

The developments regarding inflation rates and the future of interest rates on the Egyptian pound will be among the top priorities to be discussed, the source said.

The first meeting of the Monetary Policy Committee of the Central Bank of Egypt (CBE) is also scheduled for Thursday to discuss the key interest rates at CBE, which are key indicators of interest rates on the pound for deposits and loans in banks.

According to a senior banker, holding the two meetings on the same day means the coordinating council will have a prominent role in determining the decisions taken by the Monetary Policy Committee on interest rates on the pound.

President Abdel Fattah Al-Sisi issued decree 431/2015 on 26 November, ordering restructuring the coordinating council for fiscal and monetary policies as set out in Article 5 of CBE law.

According to the presidential decree, the council is headed by the Prime Minister, the CBE Governor, CBE Vice Governor, CBE Deputy Governor for monetary policies, and the ministers of Investment, of Finance, and of Foreign Trade, and of Industry.

The coordinating council also includes a number of experts, including former CBE governor Farouk Al-Okkda, global economic expert Mohamed El-Erian, and head of the Economic Development Board of the Presidency Abla Abdel Latif.

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