Egypt's President Abdel Fattah El Sisi has appointed Hassan Abdalla as acting governor of the central bank, state media reported on Thursday.
The president had accepted former governor Tarek Amer's resignation and appointed him as a presidential adviser on Wednesday.
In a note, Mr Amer said he resigned “to leave room for new blood to take responsibility and push forward Egypt’s successful development process under the leadership of the president”, according to state-run Al Ahram.
The bank's monetary policy committee will hold its fifth meeting of the year on Thursday.
Mr Abdalla is chairman of United Media Services (UMS), an Egyptian conglomerate owning several media outlets, and former managing director of the Arab African International Bank from 2002 until 2018.
He is also founder and chairman of Panther Associates, a financial advisory firm.
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.
The president appoints the central bank governor with the approval of the majority of parliament for a once-renewable four-year term, according to the Egyptian constitution.
Mr Amer was appointed to his post in November 2015. In 2019, Mr El Sisi renewed his tenure for four years.
The unusual changing of the guard before Mr Amer's term was complete comes at a difficult time for Egypt's economy. Since Russia's invasion of Ukraine in February, the Arab world's most populous country has struggled with soaring double-digit inflation, declining foreign currency reserves and a depreciating currency.
In March, Egypt devalued its pound by nearly 15 per cent. Since then, it has fallen to a near-record 19 pounds to the dollar.
The monetary policy committee raised interest rates at its March and May meetings by a combined 300 basis points, but kept rates steady in June.
The government has been seeking a new loan from the International Monetary Fund, which favours a more flexible exchange rate.
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
Zakat definitions
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
Racecard
%3Cp%3E8.30pm%3A%20Wathba%20Stallions%20Cup%20%E2%80%93%20Maiden%20(PA)%20Dh70%2C000%20(Turf)%201%2C200m%3Cbr%3E9pm%3A%20Yas%20Island%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C400m%3Cbr%3E9.30pm%3A%20Saadiyat%20Island%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C600m%3Cbr%3E10pm%3A%20Reem%20Island%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%202%2C200m%3Cbr%3E10.30pm%3A%20Arabian%20Triple%20Crown%20Round%203%20%E2%80%93%20Group%203%20(PA)%20Dh300%2C000%20(T)%202%2C400m%3Cbr%3E11pm%3A%20Al%20Maryah%20Island%20%E2%80%93%20Handicap%20(TB)%20Dh80%2C000%20(T)%201%2C600m%3C%2Fp%3E%0A
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
The Bio
Favourite holiday destination: Either Kazakhstan or Montenegro. I’ve been involved in events in both countries and they are just stunning.
Favourite book: I am a huge of Robin Cook’s medical thrillers, which I suppose is quite apt right now. My mother introduced me to them back home in New Zealand.
Favourite film or television programme: Forrest Gump is my favourite film, that’s never been up for debate. I love watching repeats of Mash as well.
Inspiration: My late father moulded me into the man I am today. I would also say disappointment and sadness are great motivators. There are times when events have brought me to my knees but it has also made me determined not to let them get the better of me.
