President Sisi extends Hassan Abdullah in acting role as Egypt Central Bank Head

Ahram Online , Thursday 17 Aug 2023

President Abdel Fattah El-Sisi renewed on Thursday the mandate for Hassan Abdullah as the acting governor of the Central Bank of Egypt (CBE).

CBE Governor Hassan Abdullah.
CBE Governor Hassan Abdullah.


According to a presidential decree published in the official gazette on Thursday, Abdullah's new one-year mandate starts on 18 August 2023.

The incumbent governor was appointed in August 2022 after his successor, Tarek Amer, resigned amid a troubling economic situation exacerbated by the war in Ukraine. 

Since his appointment, Abdullah oversaw the implementation of some drastic measures, including a four-time increase in interest rates, from 11.75 percent to 19.75 percent, and the depreciation of the Egyptian pound against the dollar from EGP 19.23 to EGP 30.89 per $1.

During his tenure, the International Monetary Fund (IMF) approved a 46-month $ 3 billion loan deal under the Extended Fund Facility (EFF) for Egypt, which requires the country to apply flexible exchange rates. 

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