Tarek Amer's term as CBE governor renewed

CAIRO - 25 November 2019: The term of Egypt’s Central Bank Governor Tarek Amer has been renewed.According to CBE law, the term of CBE governor can be renewed once to extend for additional 4 years. The new term will end in 2023.

Previously, Capital Economics praised the success of Tarek Amer during his tenure as governor of the central bank, which will end on Nov. 26."His time at the helm of the CBE will be deemed a success."

"He has been instrumental in restoring macroeconomic stability over the past few years, taking the painful decision in 2016 to devalue the pound as well as steps to improve the CBE’s credibility," Capital Economics stated in a recent report.

The Monetary Police Committee's meeting on Nov. 14 was supposed to be Amer's last meeting.

The Monetary Policy Committee of the Central Bank of Egypt (CBE) cut the overnight deposit rate, the overnight lending rate, and the rate of the main operation for the third consecutive meeting in row by 1 percent or 100 basis points during the-meeting held on Nov. 14, matching experts' anticipations.

The overnight deposit rate, the overnight lending rate, and the rate of the main operation are cut to be at 12.25 percent, 13.25 percent, and 12.75 percent, respectively. Moreover, credit and discount rates were declined to 12.75 percent from 13.75 percent.