Egypt Central Bank Governor Resigns, Replaced With Former Deputy Governor

Egypt Central Bank Governor Resigns, Replaced With Former Deputy Governor

The Egyptian Central Bank is seen in Cairo, Egypt, Friday, May 20, 2005. Photographer: Eduardo Rossi/Bloomberg News
The Egyptian Central Bank is seen in Cairo, Egypt, Friday, May 20, 2005. Photographer: Eduardo Rossi/Bloomberg News

Hesham Ramez will not renew his tenure as Governor of the Central Bank of Egypt (CBE) and will be replaced by Tarek Amer, former CEO of the National Bank of Egypt (NBE), the presidency announced in a statement on Wednesday.

Egypt’s President Abdel Fattah El Sisi accepted Ramez’s resignation, which is due to take effect when his term as governor ends on November 26. Amer is due to take over on November 27.

Amer is a member of CBE’s Board of Directors and served as the CBE Deputy Governor from November 2003 until April 2008. He then became CEO of the NBE but resigned from that post in 2012 to head the NBE in the United Kingdom.

Morsi appointed Ramez to succeed Farouk El Okda as CBE governor in late 2012, after El Okda had held the position for eight years and resigned due to the difficult political and economic circumstances in Egypt at the time.

Ramez has been under fire for his monetary policies and reportedly clashed with Finance Minister Hany Kadry Dimian because of disagreements over how to solve Egypt’s financial problems, particularly due to the outgoing governor’s reluctance to devalue the Egyptian pound.

Despite economists and investors’ claims that the Egyptian pound is overvalued, Ramez instead sought to control foreign currency exchange on the black market.

Last week, however, the CBE depreciated the Egyptian pound for the third time this year, taking the currency’s decline for the period to 9.8 percent.

Egypt has been struggling with financial struggles caused by years of political turmoil that saw its foreign reserves steadily dwindling.

Amer has widely been lauded for his approach and achievements in banking, and for successfully increasing the NBE’s profit margins during his tenure. He is expected to devalue the pound further when he begins his term as CBE Governor.

Egyptian Security Forces Raid a Media Foundation, Arrest Staff
Syria's President Bashar al-Assad in Surprise Russia Visit

Subscribe to our newsletter


More in News

Hepatitis C clinic in Menoufia does research on the causes and treatment of Type 4 Hepatitis C. Credit: Diocese of Egypt

Egypt Makes Progress in Curing Hepatitis C by Reducing Drug Price: WHO

Aswat MasriyaOctober 27, 2016
Photo: UIPM World

Egypt Lands 36 Medals at Modern Pentathlon Championships

Egyptian StreetsOctober 27, 2016
Egypt's President Sisi smiles as young volunteers take a "selfie" with him during the closing session of Egypt Economic Development Conference (EEDC) in Sharm el-Sheikh 15 March 2015 (Photo: Reuters)

Egypt Retreats 52 Spots in Global Youth Development Index

Egyptian StreetsOctober 26, 2016
egypt israel border

Israeli Teen Killed by Gunfire Along Egypt’s Border

Egyptian StreetsOctober 26, 2016
iskandarani alexandrani

Detained Egyptian Nominated for Reporters Without Borders Journalism Prize

Aya NaderOctober 26, 2016
REUTERS/Amr Abdallah Dalsh

Egypt’s Military Likely to Reduce its Role in Egyptian Economy Within 3 Years: PM Ismail

Egyptian StreetsOctober 25, 2016
Photo: Youm7

Egypt’s Interior Ministry Warns Against Schemes to ‘Incite Chaos’ Ahead of Planned Protests

Egyptian StreetsOctober 25, 2016

Egypt’s First National Youth Conference Launched

Egyptian StreetsOctober 25, 2016
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2016 ES Media UG. All Rights Reserved.