VZCZCXYZ0000
RR RUEHWEB

DE RUEHEG #3416 3401237
ZNR UUUUU ZZH
R 061237Z DEC 07
FM AMEMBASSY CAIRO
TO RUEHC/SECSTATE WASHDC 7652
INFO RUEATRS/DEPT OF TREASURY WASHDC
RUCPDOC/USDOC WASHDC 0361

UNCLAS CAIRO 003416 
 
SIPDIS 
 
SENSITIVE 
SIPDIS 
 
STATE FOR NEA/ELA, NEA/RA AND EEB/IDF 
USAID FOR ANE/MEA MCCLOUD AND DUNN 
USTR FOR SAUMS 
TREASURY FOR MATHIASON AND HIRSON 
COMMERCE FOR 4520/ITA/ANESA/OBERG 
 
E.O. 12958:  N/A 
TAGS: ECON PGOV EG
SUBJECT: CENTRAL BANK OF EGYPT'S NEW BOARD OF GOVERNORS 
 
Sensitive but Unclassified.  Please protect accordingly. 
 
¶1.  (U) On November 29, President Mubarak issued a presidential 
decree renewing Farouk El Okdah for 4 years as Governor of the 
Central Bank.  Mubarak also issued a decree renewing Tarek Amer as 
the first Deputy Governor and appointing Tarek Kandil as the second 
Deputy Governor, both for 4 year terms. 
 
¶2.  (U) Following is the newly constituted Board of Governors, 
appointed for 4 year terms, with the possibility of renewal: 
 
Farouk El Okdah, Chairman 
 
Tarek Amer, First Deputy Governor 
 
Tarek Kandil, Second Deputy Governor 
 
Hesham Ramez, Chairman, Suez Canal Bank (new appointment) 
 
Ahmad Saad, Chairman, Capital Market Authority (new appointment) 
 
Alaa Eddin Hassouna Essabea, Chairman, Belton Company for Mutual 
Fund Management (new appointment) 
 
Mohammad Fathy Saar, Representative, Ministry of Economic 
Development (new appointment) 
 
Momtaz Mohammad El Saeed, First Secretary, Ministry of Finance 
 
Hassan Abdalla, Deputy Chairman and Managing Director, Arab African 
International Bank 
 
Abdel Salam Al-Anwar, Chairman and Managing Director, HSBC Egypt 
 
Mohammad Barakat, Chairman, Banque Misr 
 
Ziyad Bahaa El Din, former Chairman, General Authority for 
Investment and Free Zones 
 
Hazem Hassan, Bank Accounting and Auditing Expert 
 
Mona Salah Eddin Zulfuqar, Legal Expert 
 
Mahmoud Abd El-Fadeel, Economics Professor, Cairo University 
 
¶3.  (U) The following members of the previous Board of Governors 
were not reappointed to the new board: 
 
Mahmoud Abd El-Aziz, former CBE Deputy Governor 
 
Hatem El-Qarnashawy, Economics Professor, American University in 
Cairo 
 
Mohammad Saleh Younes, CEO, Concord International Investment 
 
Moawad Hasanain, CEO, Misr Insurance 
 
Hany Sary Eddin, former Chairman, General Capital Market Authority 
 
¶4.  (SBU) Comment:  The new board continues the tradition of having 
the chairmen of both public and private banks serve on the CBE Board 
of Governors.  Along with the involvement of other GOE Cabinet 
members on the board, the presence of bank chairmen gives the 
appearance of conflict of interest and makes CBE look less 
independent.  The recent IMF Article IV staff report made reference 
to this, as did the U.S. statement at the IMF Board meeting. 
RICCIARDONE