As the nation tries to handle its economic problems, Egypt’s central bank governor announced his resignation on Wednesday.
Mr. Amer, whose tenure in office began in 2015 and ended in 2023, submitted his resignation, and President Abdel Fattah al-Sissi accepted it before appointing him as a presidential adviser, according to the daily Al-Ahram.
There were no explanations for Amer’s departure in the succinct statement. In November 2015, he had been chosen to serve as the central bank’s governor.
No replacement was immediately named.
Amer has been under fire for managing the nation’s financial issues, which have caused the local currency to depreciate against the US dollar recently.
The value of the pound is significantly lower. Before the central bank’s move to devalue the pound in March, the average exchange rate for the US dollar in Egyptian banks was 15.6 pounds for every $1. This rate has now increased to nearly 19.20 pounds.
A factor contributing to the current rise in inflation is the fallout from Russia’s conflict in Ukraine. The majority of Egypt’s wheat imports, which are among the largest in the world, originate from Russia and Ukraine.
In July, Egypt’s annual inflation rate hit 14.6%, making it more difficult for consumers, particularly lower-income households and notably for daily necessities, to meet their needs.
Amer’s departure occurred while the government was in negotiations with the IMF for a new loan to bolster its reform program and to help deal with issues brought on by the European War.
