Egypt - New central bank role enshrined in law

EGYPT - The cabinet on 27 November approved a new law giving the Central Bank of Egypt greater authority over monetary policy and extending its supervisory role.

The law will entail the governor of the central bank reporting directly to President Mubarak and parliament. The governor previously reported to the economy minister - a post that has now been abolished - and to the prime minister.

Under the new law, the central bank will have sole responsibility for exchange rate policy, as well as

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