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Egypt’s Sisi names Hassan Abdullah as caretaker cbank head

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CAIRO — 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.

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“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.”

(Reporting by Mohamed Hendawy; Writing by Nadine Awadalla; Editing by Edmund Blair and John Stonestreet)

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