Categories: Economic News

Egypt says central bank governor resigns amid economic woes

CAIRO (AP) – Egypt’s central bank governor resigned Wednesday as the country struggles to deal with its economic woes.

President Abdel Fattah el-Sissi accepted Tarek Amer’s resignation and appointed him presidential adviser, the Egyptian leader’s office said in a statement.

The brief statement offered no reason for Amer’s resignation. He had been appointed governor of the central bank in November 2015.

No replacement was immediately named.

Amer has been criticized for his handling of the country’s financial challenges, which have seen the local currency fall against the US dollar in recent months.

The pound has lost much of its value. The US currency has traded at more than 19.20 pounds at banks in Egypt, up from an average of 15.6 pounds to the dollar before the central bank’s decision to devalue the pound in March.

Inflation also rose in recent months, partly because of the fallout from Russia’s war in Ukraine. Egypt is the largest importer of wheat in the world, and most of its imports come from Russia and Ukraine.

Annual inflation in Egypt reached 14.6% in July, increasing the burdens on consumers, especially lower-income households and especially for everyday needs.

Amer’s resignation came as the government was in talks with the International Monetary Fund to secure a new loan to support its reform program and help deal with the challenges posed by the war in Europe.


Published by

Recent Posts

More on the Interest-Income Channel

Last weekend, I wrote about Warren Mosler's argument that the Fed's rate hikes could be…

4 weeks ago

More information in the Interests Channel

Last weekend, I he wrote on Warren Mosler's argument that the Fed's rate hikes could…

4 weeks ago

Biden wants to reduce the deficit. Powell wants to reduce inflation. Do rate hikes undermine both goals?

Last week, the chairman of the Fed, Jerome Powell said, "the disinflationary process has begun".…

1 month ago

Quick thoughts on the CBO budget and economic outlook

Earlier this week, I joined Romaine Bostick and Scarlet Fu Bloomberg TV. The Congressional Budget…

1 month ago

Eight states have joined forces to raise taxes on America’s wealthiest

Tomorrow morning, I'll be joining CNBC's Squawk Box to talk about a new effort tax…

1 month ago

Mike Pence would pick up where Paul Ryan left off

Former Vice President Mike Pence talks about privatizing Social Security. The remarks came Thursday before…

2 months ago