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Sunday, September 25, 2022

Egypt central bank governor quits amid inflation rise

Governor, Egypt’s Central Bank, Tarek Amer / Credit: AFP

The governor of Egypt’s central bank, Tarek Amer, has resigned more than a year before the end of his second term in office.

The move – which triggered a sell-off of government bonds – comes one day before the monetary policy committee is expected to raise interest rates.

Inflation stands at nearly 15%, three times what it was only a year ago.

Mr Amer said he was stepping down to give others the opportunity to continue the successful development under President Abdel Fattah al-Sisi, who accepted his resignation.

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