Earlier today, Egyptian President Abdel Fattah El-Sisi extended the term of acting Governor of the Central Bank of Egypt (CBE) Hassan Abdalla for another year, as stated in the official gazette.
Hassan Abdalla became governor in August 2022 after the previous governor, Tarek Amer, resigned due to challenging economic circumstances worsened by the war in Ukraine.
Since assuming the position, Abdalla has overseen the implementation of significant measures, including a fourfold increase in interest rates, from 11.75 percent to 19.75 percent, and the devaluation of the Egyptian pound against the dollar from EGP 19.23 to EGP 30.89 per $1.
During his time as governor, the International Monetary Fund (IMF) has approved a $3 billion loan deal for Egypt under the Extended Fund Facility (EFF), spanning 46 months. This deal necessitates the country’s adoption of flexible exchange rates
