Hassan Abdalla ( LinkedIn ) has been reappointed as the acting governor of the Central Bank of Egypt (CBE) for another one-year term starting 18 August under a presidential decree published in the Official Gazette. The veteran banker was first appointed to the position in August last year following Tarek Amer’s surprise resignation.

A lot has changed at the CBE since Abdalla took the helm: In the year since Abdalla’s appointment, the central bank has devalued the currency twice in response to the FX crisis and reformed its subsidized loan program, helping the country secure vital financial assistance from the IMF. Under his leadership, the central bank has also raised interest rates by another 800 bps, as well as bumped up its reserve requirement, to tackle rising inflation.

Abdalla’s position remains temporary: The president can appoint an interim leader, but the House of Representatives would need to approve a nominee for a full four-year term. Bloomberg says the short-term reappointment is a source of uncertainty for investors.

PLUS: Sherif Sedky (LinkedIn) has been reappointed to his position as CEO of the Egyptian Space Agency under a presidential decree published in the Official Gazette.

Tags: