Egypt: New Central Bank Chief Faces Foreign Currency Crisis

Tariq Amir has been appointed Governor of the Central Bank of Egypt (CBE) following a week of fresh devaluation of the pound and the sudden resignation on 21 October of the current CBE chief Hisham Ramiz.

Mr Amir, who previously served as the CBE Deputy Governor will assume his new position on 27 November for a four-year term. Traders welcomed Mr Amir’s appointment, expecting to see a new approach that could help to ease the country’s foreign currency crisis.

The new governor, a former CEO of National Bank of Egypt, one of Egypt’s largest state-owned banks, will face a number of challenges in the upcoming period. These include adjusting the exchange rate for the pound, rebuilding reserves, controlling inflation, fine tuning domestic interest rates, helping banks to employ their liquidity and covering the budget deficit. (CONTINUED - 664 WORDS)