Hassan Abdallah Replaces Strong Willed Amer As Acting Egyptian Governor
Egypt–A seemingly different kind of person has taken over as the (acting) center bank governor as Egypt finds itself in dire straits. He is the Chairman of United Media Services and was previously managing director of Cairo-based Arab African International Bank.
Hassan Abdallah is the new man who has seemingly strange and different backgrounds to be holding this position of interest in Egypt. Meanwhile, Tarek Amer has stepped down and has taken over as presidential adviser instead.
Mr. Amer had some impeccable credentials, and his stepping down is not in good timing for the country. As one of the central bank governors who earned the highest grades in its annual report card of governors in 96 countries, he was also seen as one of 10 governors who received an A- grade, along with Saudi Arabia’s central bank governor Fahad Al Mubarak.
The change comes at a time when Egypt is trying to sail through a depreciating pound and inflation hitting the roof, while it encourages FDI for its growth.
While Amer might say he steps down to create space for fresh talent and blood, Abdallah is certainly not the ideal choice here. He has been the founder and chairman of Panther Associates, a financial advisory firm and his association with media may not see him playing a fair role.
It is not known how long Mr. Abdalla is likely to take the helm of the central bank. The House of Representatives is scheduled to open its new legislative season in October and could vote on the president’s decision for a new governor then.
Mr. Amer resigned one full year before his term could come to an end. Rumours are that probably this most powerful Egyptian position was free for better control.
In comments to state-controlled al-Ahram newspaper earlier this month, Amer blamed liberal economic policies from the early 2000s for draining Egypt of foreign exchange and impacting industry. His resignation and Abdallah’s appointment comes just before a monetary policy committee meeting.