Egyptian president renews central bank governor’s term

Egyptian President Abdel Fattah al-Sisi has renewed Central Bank Governor Tarek Amer’s term, the country’s official newspaper said on Monday, citing a deputy governor.

Amer was first appointed to his post in 2015 for a four-year term at the time when Egypt was witnessing a currency crisis. His term expires this week.

He has been renewed for a second four-year term effective on Wednesday.

Amer helped oversee a three-year, IMF-backed loan programme tied to bold yet tough economic reforms, including a sharp devaluation of the pound, the introduction of a value-added tax and the elimination of subsidies on most fuel prices.