CAIRO: Egypt's ruling military council passed a law decree No. 125/2011 on amending certain provisions of Egypt's Central Bank and the banking sector No. 88/2003. The amendments were made in the frame of the proposal between the Central Bank and Egyptian government. The amendments include standards preventing any discrepancy between the Central Bank and Members of the Board of Directors' interests in the Central Bank to guarantee neutralism and independency with the best international standards. The standards provide members of the Central Bank's board of directors should not have any interests contradicting their duties or neutralism and independency. There should not be contradictions in keeping secret information since they are members of board of directorates. The members will not be presidents, members or employees, neither will they provide advisory or technical services in commercial banks or financing companies. The number of Members of the Central Bank Board of Directors will decrease from 15 to 9 members. The board of directors will then consist of the governor of Egypt's Central Bank, his two deputies, chairman of the Egyptian Financial Supervisory Authority, Minister of Finance representative, and four experts whose interests do not contradict with the Bank's interests. Governor of Egypt's Central Bank Farouk el-Oqda welcomes the law decree proposed by the current Central Bank board of directors to achieve international transparent standards and governing. The standards of the new decree are put into consideration to be applied after forming government banks' boards of directorates at the end of October.
