Sisi announces new CBE board of directors

Ahram Online , Monday 27 Nov 2023

President Abdel-Fattah El-Sisi has issued a presidential decree, announced on Sunday, to establish a new board of directors of the Central Bank of Egypt (CBE).

The Central Bank of Egypt (CBE) headquarters, Cairo, Egypt. AP
The Central Bank of Egypt (CBE) headquarters, Cairo, Egypt. AP


The board will be led by Hassan Abdullah, currently the acting governor of the bank, for one year starting 27 November.

The extension of Abdullah's appointment as acting governor last August followed his previous appointment in August 2022, when he stepped in after the resignation of Tarek Amer due to the challenging economic situation exacerbated by the war in Ukraine.

Prior to this, he served as the chairman of United Media Services (UMS), Egypt's largest media conglomerate and one of the most prominent in the Middle East, since mid-2021.

Abdullah’s has extensive experience in the banking sector as various positions as chairman or board member of prestigious companies in Egypt and the Middle East.

The president also appointed Rami Ahmed Adel Aboul Naga and Tariq Mohamed Badawy El-Kholy as deputy governors of the CBE for one-year terms starting 27 November.

Aboul Naga has over 20 years of bank experience, having served as the deputy governor for monetary stability and deputy governor for the markets sector.

He also headed up the bank’s external debt departments and external relations with international institutions.

El-Kholy has 42 years experience in the banking and finance, particularly in risk management. Starting in the 1980s, he served in several high-level roles at the Arab Bank PLC, before joining MIBANK Bank and later Bank Audi.

He has also held memberships in various commercial banks' boards and committees.

The new board also includes Mohamed Fareed Saleh, who is currently chairman of the Egyptian Financial Supervisory Authority; technology expert Mohamed Ali Faramawi; economic expert Naglaa Anwar El-Ahwany; and financial expert Sherif Hussein Kamil Mohamed.

It also includes economic experts Hassan Mohamed Hassan El-Khatib and Samiha El-Sayed Fawzi, accounting and finance expert Essam Mohamed Amer, and banking expert Mohamed Osman Ibrahim El-Dib.

Also on Sunday, the CBE announced the appointment of Mohamed Abou Moussa as assistant governor, a newly established position.

Prior to this promotion, Abou Moussa served as the first deputy governor of the bank’s Office Supervision Sector.

He has also served as a member of the board of directors of the Arab International Bank (AIB), and a member of the Technical Committee of the Islamic Financial Services Board (IFSB).

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