Egypt seeks cooperation of Swiss govt in retrieving frozen funds

The cabinet has tasked a committee to come up with recommendations to retrieve frozen money in Switzerland through cooperation with the Swiss government. The committee was formed by the military council.

In October 2010, the Swiss parliament agreed to return ill-gotten funds to the countries from which they originated.

At its meeting on Sunday, the cabinet reduced the central bank’s board from 15 to 9 members. The board will include the bank governor, two deputies, the president of the Financial Supervisory Authority, the representative of the Minister of Finance, and four members experienced in finance and law. The member will be appointed by the president of the republic for a term of four years, with the possibility of renewal. Members are not allowed to work elsewhere, even as consultants.

The new structure aims to achieve transparency at the bank.

Translated from the Arabic Edition

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