Banking leaders hail Amer’s appointment as right step

Banking leaders were in agreement that Tarek Amer was the best candidate for Governor of the Central Bank of Egypt (CBE) at the time.

This is due to his wide experience in managing the monetary policy and the exchange market which he gained during his tenure as deputy governor of the CBE, according to banking leaders in statements to Daily News Egypt.

El-Sayed Mohamed El-Kosayer, Chairman and Executive Managing Director of the Industrial Development and Workers Bank of Egypt, said Amer’s experience at the CBE previously qualified him to take over as new CBE Governor, especially in light of the unstable circumstances the market is currently witnessing.

El-Kosayer explained that Amer took over  as the CBE’s deputy governor in the period between 2003 and 2008. During this period, he led the banking reform process with Farouk El-Okdah, former CBE governor. He also has administration and banking experience that will enable to manage the CBE with high efficiency, El-Kosayer noted.

He added that the new CBE’s Governor faces major challenges, such as managing the exchange market, and coordinating between both the monetary and financial policies in the coming period, expressing confidence in Amer’s ability to do so.

Moreover, Mohamed Abdel Aal, Board Member of both of the Suez Canal Bank and the Arab Sudanese Bank, agreed that Amer is the best option to take the position of CBE Governor at this time.

Abdel Aal explained that this is not only due to Amer’s extensive experience in the administration of the CBE, but also due to his experience in the administration of commercial banks, both locally and abroad.

He added that the new CBE Governor has political knowledge that qualifies him to play a positive role in the cabinet’s economic group.

Abdel Aal further affirmed expectations that there will be more significant and efficient coordination between the monetary policy and the financial policy under Amer.

Source: Daily News Egypt