Egypt’s House of Representatives approved on Thursday the president's decision to extend the governor of the Central Bank’s term for four more years, until 2023.
President Abdel-Fattah El-Sisi’s decision was recited in an emergency session of the parliament, in accordance with the constitution and the House of Representatives’ bylaws.
House Speaker Ali Abdel-Aal said that the renewal of Governor Tarek Amer’s term was in accordance with his proven experience and impressive resumé.
A governor’s four-year term can be renewed once.
El-Sisi appointed Amer to the post following the resignation of Hisham Ramez in October 2015.
The bank floated the Egyptian pound in November 2016, and oversaw a variety of other major economic and fiscal reforms during Amer’s tenure.