Three possible scenarios as Egypt’s central bank governor resigns – MP

As Egypt’s central bank governor Tarek Amer resigned on Wednesday, MPs are exploring three scenarios for the future.

President Abdel Fattah al-Sisi accepted on Wednesday morning Amer’s resignation and appointed him as a presidential adviser.

Abdel-Moneim Imam, secretary-general of the Egyptian parliament’s budget committee, said in an official statement that Amer’s resignation paves the way for three scenarios.

“The first is that President Sisi decides to name a new central bank governor soon.” Imam said.

“And in such a case and in line with Article 216 of the country’s 2014 constitution and Article 243 of the parliament’s internal bylaws, the House of Representatives shall hold an emergency session to discuss and vote the president’s decision,”

Amer’s resignation came just five days after the parliament held an emergency meeting to approve a Cabinet reshuffle, which comprised of 13 new ministers. It also came a day prior to central bank’s Monetary Policy Committee (MPC) scheduled meeting to review the key interest rates in Egypt.

As for the second scenario, Imam said it would be that the central bank’s most senior deputy governor Gamal Negm shall replace Amer on an interim basis. In such case, the parliament will not have to hold an emergency session. It just has to wait until the first week of October when it is set to open its new legislative season.

For the third scenario, the MP said President Sisi shall name a new central bank governor for an interim period. Hance, the parliament would vote for the decision only when it reconvenes in the first week of October.