Egypt: "The Egyptian Army’s Invisible Hand"

from the media line...

"No one knows the extent of the Egyptian military’s economic holdings because successive authoritarian regimes have made sure it was kept secret. But since the military came to power in Egypt as the Supreme Council of the Armed Forces (SCAF) almost a year ago after a popular uprising ousted President Husni Mubarak, the armed forces role in business has come under increased scrutiny.


In one of the most unusual intra-government transactions of the year, the military loaned the central bank $1 billion to help support the sagging Egyptian pound last month. The transaction not only pointed up the relative wealth of the two institutions but also the extent to which the army has access to money beyond the reach of the civilian authorities to whom it is supposed to be reporting."