The Central Bank of Egypt (CBE) has restructured five main committees under its Board of Directors. These are the Monetary Policy Committee (MPC), the Management Committee, the Audit and Risk Committee, the Investment and Capital Markets Committee, and the Banking Development Committee.
Monetary Policy Committee
The MPC reviews the economic and financial reports, studies, and proposals prepared by the Monetary Policy Sector and the Markets Sector. Based on their opinions and discussions, the committee members vote to make the necessary decisions regarding monetary policy using the available tools. The committee sets the level of key interest rates that are consistent with achieving the inflation target and maintaining price stability in the medium term.
The committee is chaired by Hassan Abdallah, Governor of CBE, and its members are Rami Abu Al-Naga and Tarek El-Khouly, Deputy Governors, as well as Naglaa Al-Ahwani, Hassan Al-Khatib, and Samiha Fawzi, non-executive members of the Board of Directors of CBE.
Management Committee
The Management Committee has the authority to exercise some of the powers of the Board of Directors stipulated in the Law of the Central Bank and the Banking System issued by Law No. 194 of 2020 until the end of the Board of Directors’ term.
The committee is led by Hassan Abdallah, Governor of CBE, and its members are Rami Abu Al-Naga and Tarek Al-Khouly, the deputy governors.
Audit and Risk Committee
The Audit and Risk Committee examines the bank’s annual and periodic financial statements and makes recommendations regarding the bank’s internal control system. It also evaluates the accounting policy followed by the bank and follows up on the reports and recommendations prepared by the auditors, internal audit, and compliance officer, as well as studying the issues referred to the committee by the Board of Directors. The committee assesses the bank’s exposure and tolerance to risks, reviews periodic risk reports, reviews the frameworks and policies of the central risk management and information security sector, and evaluates the effectiveness of the sector’s performance.
The committee is headed by Essam Amer, a non-executive member of the Board of Directors of CBE, and its members are Naglaa Al-Ahwani, Vice-Chairman of the Committee, and Mohamed Al-Deeb, a non-executive board member of the CBE.
Investment and Capital Markets Committee
The Investment and Capital Markets Committee monitors the development of investments and capital markets, and especially reviews the general investment strategy, the degree of permissible risk, investment standards and criteria for internal and external investment portfolios, the asset allocation strategy, and the criteria for selecting new investment managers.
The committee is chaired by Deputy Governor Tarek Al-Khouly and its members are Deputy Governor Rami Abu Al-Naga and non-executive board members Sherif Kamel and Hassan Al-Khatib.
Banking Development Committee
The Banking Development Committee follows up on banking development projects, and studies projects that would improve the banking sector, enhance its competitiveness, and develop banking services in line with the latest international practices in a way that contributes to the country’s economic development. The committee also studies digital transformation projects and cloud computing technology for the banking system, as well as technical matters related to mergers, acquisitions, or divisions that could occur in the banking system.
The committee is chaired by Deputy Governor Rami Abu Al-Naga and its members are Deputy Governor Tarek Al-Khouly and non-executive board members Ali Faramawy, Sherif Kamel, Essam Amer, and Mohamed Al-Deeb.
