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Egypt’s President names Hassan Abdalla as CBE acting governor

Egypt’s President names Hassan Abdalla as CBE acting governor
Part of the meeting held between Egypt’s President and Hassan Abdalla earlier today.

Cairo – Mubasher: Egypt’s President, Abdelfattah El-Sisi, has issued a decree to appoint Hassan Abdalla as an Acting Governor of the Central Bank of Egypt (CBE). 

During a meeting held earlier this day with Abdalla, the Egyptian president emphasised the need to develop monetary policies in line with the global economic developments, diversify sources of foreign currency, while providing an attractive investment climate, according to an official statement on Thursday.

On 17 August, El-Sisi issued a decree to appoint Tarek Amer as a Presidential Advisor. The decree came in line with the resignation of Amer from his position as the Governor of the CBE.

The CBE is expected to hold August Monetary Policy Committee (MPC) meeting on Thursday, 18 August. Analysts polled by Reuters suggested an increase of 50 basis points (bps) in the overnight deposit rate to keep inflation in check.