President Sisi Extends Term of Central Bank Governor

On Monday, Egyptian President Abdel Fattah El-Sisi extended the term of acting Governor of the Central Bank of Egypt (CBE) Hassan Abdalla for another year, according to the official gazette.

The incumbent governor was appointed in August 2022 after his successor, Tarek Amer, resigned amid a troubling economic situation exacerbated by the war in Ukraine.

Since his appointment, Abdullah oversaw the implementation of some drastic measures, including a four-time increase in interest rates, from 11.75 percent to 19.75 percent, and the depreciation of the Egyptian pound against the dollar from EGP 19.23 to EGP 30.89 per $1.

During his tenure, the International Monetary Fund (IMF) approved a 46-month $ 3 billion loan deal under the Extended Fund Facility (EFF) for Egypt, which requires the country to apply flexible exchange rates.