Egypt Extends Hassan Abdalla's Term as Central Bank Governor for Third Year

Aug 19, 2024, 10:57 AM

Egypt has extended the term of Hassan Abdalla as the Governor of the Central Bank of Egypt for another year. President Al-Sisi made the decision to extend Abdalla's tenure, which marks the third year of his leadership. Abdalla, who was initially appointed in August 2022 following an unexpected resignation, has been leading the central bank through a period of significant monetary policy changes. Since his appointment, Egypt has experienced three currency devaluations, a temporary effective peg to the U.S. dollar, and a shift towards a more flexible exchange rate since March. Abdalla previously served as the head of the Arab African International Bank in Cairo for 16 years. This extension is seen as a move to reassure investors amid ongoing economic challenges.