PM Madbouly reforms Financial Regulatory Authority board for 4-year term

Ahram Online , Ahram Online , Thursday 25 Aug 2022

Prime Minister Mostafa Madbouly has issued a decree reconstituting the board of directors of Egypt's Financial Regulatory Authority (FRA), a cabinet statement read on Thursday.

Egyptian Prime Minister Mostafa Madbouly
Egyptian Prime Minister Mostafa Madbouly. Photo courtesy of Egyptian Cabinet Facebook page.

The FRA will be led by Mohamed Farid Saleh for a four-year term, with two deputies to the board chairman; Islam Abdel-Azim Azzam and Ahmed Abdel-Rahman El-Sheikh.

Under the decree, the new board will comprise one of the deputies of the Central Bank of Egypt's (CBE) governor, to be chosen by the CBE chief.

It will also comprise experts in the economic, financial and legal domains, including former planning minister Ashraf Alaraby; former member of the Egyptian House of Representatives Marian Azer; and executive director of the National Training Academy of Egypt Rasha Ragheb.

Earlier in August, Madbouly appointed Saleh as acting chairman of the FRA for a one-year term.

Under the country's constitution, the FRA is tasked with monitoring and supervising non-banking financial markets and instruments.

This includes capital markets, futures exchanges, insurance activities, real estate financing, and financial leasing.

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