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Egypt's Central Bank denies any transfers of Mubarak's money abroad after January's uprising

Egypt's Central Bank releases statement affirming that no Mubarak or Mubarak-family funds have been released abroad since Egypt's revolution

Ahram Online, Saturday 12 Nov 2011
Views: 2495
Views: 2495

Central Bank of Egypt (CBE) states there have been no funds transferred from the accounts of ousted Egyptian president Hosni Mubarak or his family from Egyptian banks outside the country since the revolution in January until today, in compliance with the instructions issued by the Bank and the decisions of Egypt's General Attorney.

The statement issued today, Saturday, mentioned that the Mubarak family's $350 million in Switzerland found by Egypt's Illicit Gains Authority did not come from the Egyptian banking system. This amount, they say, is likely from external transactions, not originating in Egypt at all.

Banks were given instructions to restrict certain fund transfers after Egypt's January 25 uprising in a meeting in February between central bank officials and bank chiefs. For example, individuals are not to transfer more than $100 million abroad and starting 28 February (17 days after the ouster) they implemented the General Attorney's order to freeze Mubarak's accounts. These instructions are still in effect today.

For the period prior to the January uprising, CBE asked all banks in Egypt to provide it with all Egyptian transactions and remittances linked to Mubarak and his family's accounts from abroad since 1996, according to banking rules.

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