CBE, Finance Ministry form joint committee on monetary policies

A joint committee was agreed to be formed between the Central Bank of Egypt and the Finance Ministry to coordinate monetary policies and institutional reforms between the two bodies.

The agreement was reached in a meeting grouping Finance Minister Hani Demian and CBE governor Tarek Amer.

The joint committee will group the deputies of the CBE governor and the first assistants of the finance minister.

Demian said the panel will be tasked with reviewing ways of improving the performance of the financial and monetary administrations, which would be positively resonate in the economic performance.

The joint committee will convene weekly to review files, such as institutional development and electronic networking between the ministry and the CBE, Demian said, believing this would help improve decision making and reduce the cost of financial transactions.

It will also tackle efforts to activate the secondary market of government securities, and measures needed to solve problems facing investors in the Egyptian market, along with other issues of mutual interest.

Demian and Amer should at least meet monthly with members of the panel.