Minister of Finance, Dr. Fayyad Abd-el Moniem:

- We are keen for coordination and integration between both the monetary and financial policy to boost development efforts

- A mutual committee with the CBE to discuss the banks’ comments concerning the allocation tax

- A meeting between the Key Taxpayer Center and the Banks Union to put a simple mechanism to calculate The stamp tax

The Minister of Finance, Dr. Fayyad Abd-el Moniem ensures that the ministry is keen for the complete coordination with the head of The Central Bank of Egypt Dr. Hesham Ramez  , given the importance of the coordination and integration between both  monetary and financial policy to enhance  development efforts and restore the high rates of national economy .

The Minister also revealed the formation of  a mutual committee from both the Ministry of Finance and the Central Bank to discuss the portfolio of banks' allocation taxation as  part of government's keenness on the stability of  financial situation in the banking sector, as it is considered the most significant pillar of  national economy and development efforts .

He also said that the committee held recently a meeting where the whole commercial banks’ comments of the Egyptian market have been discussed as well as their point of views concerning the last tax amendment. He pointed out that the Ministry of Finance understands the CBE’s  point of view, he also indicated that the committee will put a number of  reasonable agreed mechanisms between both parties through the meetings to end this matter.

The Minister of Finance praised efforts of the Governor of the Central Bank and the paradigm shift recently witnessed by  the monetary policy , stressing the government’s confidence in the ability of the Central Bank to restore the stability of the exchange market , one of the main factors that attract foreign investments.

The Minister confirmed that the news appeared in some of the media, attributed to him and to one of the advisors to the  Ministry, are completely in correct, concerning the disagreements between the Ministry of Finance and the Central Bank,  noting that the Ministry of Finance appreciates the great role of the Central Bank in adopting monetary policy boosting growth and financial and monetary stability. 

On the other hand, within the continuous coordination between both Ministry of Finance and the Banking system , yesterday a meeting headed by the Chairman of the Key Taxpayer Center in Tax Authority  –  Osama Tawakol was held with representatives of Egyptian Banks Union to prepare a report on the Banks union’s opinion regarding amendments to the executive regulation for the stamp tax law, in light of the recent amendments to the law concerning the method of calculating stamp tax on loans , advances and credit facilities provided by the Banking system , where the meeting discussed to develop a simplified mechanism for calculating the stamp tax as appropriate for computer programs applicable to banks , so that banks doesn’t have those programs .which may have new burdens.