Egypt’s new Central Bank Governor has 3 important issues to address

Egypt’s new Central Bank Governor has 3 important issues to address

Hassan Abdalla, the newly appointed acting governor of the Central Bank of Egypt (CBE), has met with President Abdel Fattah Al-Sisi who asked him to develop the country’s monetary policies so as to keep pace with global economic changes, work on providing various sources of foreign exchange, and create an appropriate climate for investment.

Abdalla will also deal with a lot of other urgent files, on top of which are the coordination between the fiscal and monetary policies, the exchange rate of the local currency against the US dollar, interest rates, and controlling inflation.

Other files are completing negotiations with the International Monetary Fund, reaching quick solutions to the importation crisQAis, meeting the needs of factories for production requirements, and maintaining foreign exchange reserves.

President Al-Sisi decided last Thursday to appoint Hassan Abdalla as the Governor of the Central Bank of Egypt, to succeed Tarek Amer, who resigned and was appointed as an advisor to President Al-Sisi.

In his first meeting with Prime Minister Mostafa Madbouly, Hassan Abdalla confirmed that there will be full cooperation and coordination with the government in a number of joint files, pointing out that the relationship between the two sides will be characterized by harmony to achieve the goals