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Sally Refaat

Sub-Governor Markets sector Central Bank of Egypt

 Ms. Sally Refaat was promoted to the position of Assistant Sub-Governor for the Treasury Department of the Markets Sector at the Central Bank of Egypt in July 2017.

In her capacity as department head, Ms. Refaat oversees the short-term investment portfolios, as well as the international and domestic Foreign Exchange desks. The former is responsible for the sound management of the CBE’s foreign reserves, ensuring that investment objectives and guidelines are met with the maintenance of high levels of liquidity, while maintaining maximum return. The latter is responsible for the management of the Egyptian Foreign Exchange market, monitoring and analyzing important trends and eventually deepening the market in order to ensure a more efficient marketplace.

This was a long journey however, as Ms. Refaat first joined the CBE in 2005 as part of a team that was formed to implement the mandate of a newly formed department entrusted with the management of Egypt’s foreign reserves.

Ms. Refaat and her team then played a vital role in the successful implementation and completion of the homegrown reform program, achieving the targets and benchmarks set by the IMF. It was here that Ms. Refaat was able to aid in the revamp of the foreign exchange framework and the successful liberalization of the foreign exchange regime which helped in regaining domestic and international confidence and a remarkable improvement in Egypt’s Net International Reserves that currently stand at all time high.

Furthermore, in the course of the last 15 years, Ms. Refaat received numerous specialized training courses and certificates from various international institutions such as the World Bank, the Federal Reserve Bank, the German Bundesbank and different top notch Investment houses among which are Black Rock, Wellington, Goldman Sachs and Bank of America. In addition, she completed her Credit Course Certificate from the Egyptian Banking Institute in 2011.

Ms. Refaat is a former board member of National Investment Bank and a former member of the Investment Committee of the National Organization for Social Insurance Pension Funds. Additionally, she has taught courses at the Egyptian Banking Institute in cooperation with the COMESA.

Prior to joining the CBE, she worked in the Treasury department of National Bank of Oman, amassing more than 18 years of experience in the banking sector. Ms. Refaat graduated with highest honors from of the American University in Cairo, with a Bachelor of Business Administration and a minor in Economics.


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