The coordinating council for monetary policies has held its first meeting Thursday headed by Prime Minister Sherif Ismail with the attendance of CBE governor Tarek Amer, former CBE governor Farouk El-Okdah, Minister of Finance Hany Kadry Dimian, and Minister of Investment Ashraf Salman. Global economic expert Mohamed El-Erian, head of the Economic Council affiliated with the presidency Abla Abdel Latif, and the two CBE vice-governors Lobna Helal and Gamal Negm also attended the meeting. The members reviewed the current situation of the state's general budget, the balance of payments, and fiscal and monetary policies. They agreed to form a coordinating working group including representatives from CBE, the ministries of Finance, investment, and Foreign Trade and Industry. The group will hold their meeting early next week to develop a suggestion for the coordinating council's action plan, while will be reviewed during the council's second meeting early January. The coordinating council for fiscal and monetary policies has been recently reformed by a presidential decree. It targets setting goals of monetary policy to realise price stability and banking system security among the framework of the state's general economic policy. The council will exercise its powers in light of Law No. 88 of 2003 and its implementing regulations.
