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Egypt's cabinet calls for LE8.8 billion in 'special funds' to be paid into central bank

Ahram Online, Monday 23 Apr 2012
Views: 621
Views: 621

Egypt's cabinet has ordered that LE8.8 billion of so-called 'special funds' be redirected into the country's central bank, Finance Minister Momtaz El-Saeed announced on Monday.

'Special funds' are monies raised by state institutions through means other than customs or taxes, such as hospital fees or parking tickets.
Egypt's recently-elected parliament has previously demanded all such funds be included in the state budget, bringing them for the first time under direct parliamentary supervision.
In a ministry statement, El-Saeed said the funds currently contained in several accounts in Egypt's commercial bank should be transferred into a unified central bank account.
Last week, local media reported Prime Minister Kamal El-Ganzouri as saying that the cabinet had deposited LE37.1 billion of 'special funds' in Egypt's central bank.
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