President Abdel Fattah Al-Sisi issued a decree on Thursday to restructure the Coordinating Council that manages fiscal and monetary policies set out in Article 5 of the CBE, Banking Sector and Money Law.
According to the presidential decree, the Council is headed by the Prime Minister, and its members include the Governor of the Central Bank of Egypt (CBE), Minister of Investment, Minister of Finance, Minister of Trade and Industry, Vice-Governor of CBE, and Deputy Governor of CBE for the monetary policy sector.
The new formation of the Coordinating Council members are former governor of CBE Farouk El-Okdah, global economic expert Mohamed El-Erian, and Abla Abdel Latif, head of the Economic Council, which is an advisory board affiliated with the presidency.
According to the Central Bank Law, the Coordinating Council sets the objectives of monetary policy to achieve price stability and soundness of the banking system.
The first Coordinating Council was formed in 2005, but it does not have an actual the role in coordination between fiscal and monetary policies. Although the law stipulates that the Council meets at least once every three months and whenever necessary, it only met a very few times in the past years.