Morsi To Amend CBE’s Statute Within Days

By Administrator On Dec 11, 2012

The Egyptian President Mohamed Morsi will issue a presidential decree, after being approved by the Cabinet, amending the decree no. 64 of 2004 concerning the Statute of the Central Bank of Egypt.

The draft law stipulates the amendment of Articles no. 18 and 19 as follows:

Article (18)

The Bank shall have a board of directors under the chairmanship of the Governor, with the membership of:

1- The two deputy governors

2- The Chairman of the Egyptian Financial Supervisory Authority

3- Three members representing the Ministries of Finance designated by the Minister

4- Four experienced persons, specialized in monetary, financial, banking, legal and economic affairs, to be designated by the President of the Republic for a renewable term of four years.

In case of the absence of the Governor, or the existence of a legal hindrance to his/her presence, (s)he shall be substituted by the most senior deputy. If the latter is absent, the other deputy shall act instead.

The remuneration and attendance allowances of non-executive members of the Board of Directors shall be determined by decree of the President, upon a proposal from the Governor.

Article (19)

The Governor, his/her two deputies, and each member of the Board of Directors of the Bank shall meet the following requirements:

A- (S)he shall be Egyptian born of two Egyptian parents.

B- (S)he shall enjoy his/her civil and political rights.

C- (S)he shall be of sound reputation, and with no prior final rulings issued against him/her in a crime or any offense related to honor or trust.

D- (S)he shall have no interests that contradict with his/her duties, or are liable to affect his/her neutrality in deliberations and decision making.

E- (S)he shall have a wide experience in economic and banking affairs.

Each experienced member of the Board of Directors of the Bank and the bodies they work for shall be not have interests that contradict with his/her duties, or are liable to affect his/her neutrality in deliberations and decision making.