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Egypt Central Bank Denies Resignation of its Governor

Egypt Central Bank Denies Resignation of its Governor

Sunday, 14 August, 2022 - 07:45
The Central Bank of Egypt in Cairo. (Reuters file photo)

The Central Bank of Egypt denied on Saturday reports of the resignation of its governor, Tarek Amer, following rumors that he would be part of a government reshuffle.

Gamal Negm, the first deputy governor of the Central Bank, dismissed the reports about the resignation, stressing that Amer’s term ends in November 2023.

Rumors were rife that Amer would resign just hours before President Abdel Fattah al-Sisi announced the reshuffle on Saturday.

According to the constitution, the president appoints the heads of several bodies and regulatory agencies, including the Central Bank governor, with the approval of the majority of parliament for a once-renewable four-year term.

Negm said the appointment of the governor and his continuation in his post is decided by the president alone.

Amer was appointed to his post in November 2015. In 2019, Sisi renewed his tenure for four years.

Negm told the official Egyptian Middle East News Agency (MENA) that rumors of the resignation negatively impact the central bank and other banks.

Such rumors are driven by the interests of those who promote them, he added.

He hailed Amer’s role over the past 19 years in driving reform in the banking sector, which is now playing a significant and major role in the development process in Egypt.

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