Hassan Abdullah appointed interim governor of Egypt’s central bank


Hassan Abdullah appointed interim governor of Egypt’s central bank

Hassan Abdallah as interim governor of the Central Bank of Egypt (CBE) l Photo credit: Daily News Egypt

President Abdel Fattah Al-Sisi has appointed Hassan Abdallah as interim governor of the Central Bank of Egypt (CBE), as per the presidential decree issued on Thursday 18 August.

The decision comes the day after President Al-Sisi accepted the resignation of former governor Tarek Amer, who has been in office since 2015 but has now been appointed presidential adviser, on Wednesday 17 August.

Abdullah’s appointment also preceded the fifth meeting of the year of the CBE’s Monetary Policy Committee (MPC) on Thursday afternoon, where the committee reviewed the country’s current interest rates and kept them unchanged for the second consecutive time.

Interest rates therefore remain at 11.25% for overnight deposits, 12.25% for overnight loans and 11.75% for core transactions.

The interim governor of the CBE and President Al-Sisi meet. Photo credit: sis.gov

Al-Sisi met with newly selected Abduallah ad interim, to whom he stressed the importance of developing monetary policies that can stay in line with ongoing global developments and provide an attractive investment climate, Al-Ahram reports.

Abdallah has been chairman of the board of members of Egypt’s largest media conglomerate, United Media Services (UMS) since last year. UMS media includes such networks as ON TV, Al-Hayah, DMC and CBC, as well as Al-Youm7 and Al-Watan newspapers.

Abduallah’s financial background includes the role of former vice president and CEO of Arab African International Bank (AAIB) and former president of Saib Bank. Previously, he was also a board member of CBE and Egyptian Exchange (EGX) and other companies including Ghabbour Auto, Telecom Egypt and Orascom Construction.

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