Egypt's Sisi appoints new central bank chief

Egyptian President Abdel-Fattah El Sisi on Wednesday appointed a new governor for the Central Bank after the bank's current chief resigned earlier in the day, according to a statement from the president's office.

The decision was made during a meeting between Sisi and Prime Minister Sherif Ismail, Hisham Ramez, the outgoing bank chief, and his successor Tarek Amer, spokesman Ambassador Alaa Youssef said in a statement.

According to the statement, the term of the bank's board of directors is to expire on November 26, adding that Ramez's letter of resignation is to be effective as of that date, while the new chief will assume the office the next day.

Accepting his resignation, Sisi thanked Ramez for his efforts during his term in office that has seen critical economic conditions.

Amer has occupied the post of the bank's first deputy governor from 2003 to 2008. He also held the post of the chairman of the National Bank of Egypt from 2008 to 2013, during which a comprehensive reform process was introduced into the bank.

Sisi stressed the necessity of continuing the economic reform program as well as adopting wise monetary and financial policies, Youssif said.

A week ago, the central bank devalued the value of the Egyptian pound against the U.S. dollar to 7.93.

The measure was meant to boost the foreign investment in the country that has been working hard to attract investors. However, this policy will increase the bill of imports for fuel, food and other commodities. Enditem