A New Direction for the Central Bank of Egypt

Source: Carnegie Endowment
Author(s): Brendan Meighan

Original Link: http://carnegieendowment.org/sada/62135

Tarek Amer began work as governor of the Central Bank of Egypt (CBE) on November 27, following the resignation of Hisham Ramez on October 21. His appointment represents a dramatic and much-needed change in Egypt’s monetary policy and a tacit admission by the government that the relative strength of the pound (EGP) is no longer sustainable. The move has been lauded by Egyptian businessmen and investors, who have been suffering from a shortage of foreign currency in recent years. Despite Amer’s economic credentials—he served as deputy governor of the CBE from 2003 to 2008 and then turned the failing National Bank of Egypt around in the four years that followed—the severity of the foreign currency crisis and the dire conditions afflicting the rest of the economy put him in an exceptionally difficult situation…

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