Egypt says central bank governor resigns over economic woes

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CAIRO — Egypt’s central bank governor resigned on Wednesday as the country struggles to cope with its economic woes.

President Abdel Fattah el-Sissi has accepted Tarek Amer’s resignation and appointed him presidential adviser, the Egyptian leader’s office said in a statement.

The brief statement provided no reason for Amer’s resignation. He was appointed governor of the central bank in November 2015.

No replacement was named immediately.

Amer has been criticized for handling the country’s financial challenges which have seen the local currency tumble against the US dollar in recent months.

The pound has lost much of its value. The US currency traded above 19.20 pounds in Egyptian banks, compared to an average of 15.6 pounds to the dollar before the central bank’s decision to devalue the pound in March.

Inflation has also increased in recent months, partly due to the repercussions of the Russian war in Ukraine. Egypt is the largest wheat importer in the world and most of its imports come from Russia and Ukraine.

Annual inflation in Egypt reached 14.6% in July, increasing the burden on consumers, especially low-income households and especially for basic necessities.

Amer’s resignation came as the government was in talks with the International Monetary Fund for a new loan to support its reform agenda and help tackle challenges caused by war in Europe.

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