Egypt to expand central bank's independence

The Egyptian government is heading toward ratifying a new law that gives the central bank more authorities in practicing its activities as the ultimate monetary authority by canceling the ministry of economy's trusteeship on it.

The government will expand the banks powers to the securities field and supervision of banks and financial institutions.

The proposal by the people's council also will appoint a governor for the central bank by the republic's president, that practically abolish the current authority of the concerned ministers on the central bank.