President Abdel Fattah El-Sisi issued a decree on 18 August to appoint veteran banker Hassan Abdallah as the acting governor of the Central Bank of Egypt (CBE).
Hassan Abdallah |
Amidst a hard economic crisis, former Governor of the CBE Tarek Amer presented his resignation from his position on a day earlier after serving seven hard years. News or rather rumours spread on news websites that Sisi dismissed Amar first.
The nephew of Egypt’s infamous Abdel Hakim Amer was appointed as a presidential advisor.
Whether he was dismissed or resigned or was told to resign, it had a very positive impact on Egypt’s stock exchange.
Amer presented his resignation a day before the meeting of the scheduled meeting of CBE’s Monetary Policy Committee (MPC) which many expected to raise the key interest rates and thus lead to more depreciation of the Egyptian pound.