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Egypt’s central bank governor has resigned. His resignation came at a time the country is struggling to address its economic woes. Reports indicate that President Abdel Fattah al-Sissi accepted the resignation of Mr. Amer. He assumed office in 2015. His term of office was till 2023. In another twist of development, Amer has been appointed as presidential adviser. No reason has been adduced for the resignation of the Governor and also no name has been suggested as his replacement
Egypt’s central bank governor has resigned. His resignation came at a time the country is struggling to address its economic woes. Reports indicate that President Abdel Fattah al-Sissi accepted the resignation of Mr. Amer. He assumed office in 2015. His term of office was till 2023. In another twist of development, Amer has been appointed as presidential adviser. No reason has been given for the resignation of the Governor and also no name has been suggested as his replacement.
Significantly, there was a volley of criticisms over Amer’s handling of the country’s financial challenges. The local currency (Egyptian Pound) has been sliding against the U.S. dollar in recent months. The Greenback has been traded at over 19.20 pounds in Egypt’s banks, up from an average of 15.6 pounds for US$1 before the devaluation of the Pound in March this year. As reported by www.trendnafrica.com, inflation in the North African country has spiraled mainly due to fuel price increases and foodgrains mainly triggered by the Russia-Ukraine war. The inflation peaked at 14.6% in July. Consumers are heavily burdened by these developments.
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Egypt is already in talks with the IMF for a fresh loan to support its reform process and to meet its immediate expenses. It is not known whether the resignation of Amer has anything to do with the pending loan application with the IMF.
