Egypt’s Sisi names Hassan Abdullah as caretaker cbank head

Hassan, whose appointment drew positive initial reactions, was head of state-owned media giant United Media Services Company



Hassan previous positions include managing director of Cairo-based Arab African International Bank from 2002 until 2018. — File photo
Hassan previous positions include managing director of Cairo-based Arab African International Bank from 2002 until 2018. — File photo

By Reuters

Published: Thu 18 Aug 2022, 6:43 PM

Egyptian President Abdel Fattah Al Sisi on Thursday appointed Hassan Abdullah as caretaker governor of the central bank following the surprise resignation of Tarek Amer, the presidency said.

Amer quit on Wednesday, just over a year before the completion of his term with the country mired in a currency crisis.

Hassan, whose appointment drew positive initial reactions, was head of state-owned media giant United Media Services Company. His previous positions include managing director of Cairo-based Arab African International Bank from 2002 until 2018.

“Sisi stressed the need to develop monetary policies in line with global economic variables and work to provide various sources of foreign currencies,” the presidency said in a statement.

He also stressed “the need to work on providing the appropriate climate for investment.”

Hisham Ezz Al Arab, former Chairman of Commercial International Bank (CIB), described Abdullah as “rational” and someone who “understands the international market.”

“He has a challenging mission. But ...many very respectable people in the market, will help him, if our help will be needed. But he has my full support,” Ezz Al Arab added.

Wael Ziada, head of investment company Zilla Capital, added: “He is FDI-driven (foreign direct investment) and speaks well to foreigners.” — Reuters


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