{"id":548706,"date":"2022-08-18T04:00:39","date_gmt":"2022-08-18T04:00:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/18\/tarek-amer-assessing-a-complicated-legacy\/"},"modified":"2022-08-18T04:00:39","modified_gmt":"2022-08-18T04:00:39","slug":"tarek-amer-assessing-a-complicated-legacy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/18\/tarek-amer-assessing-a-complicated-legacy\/","title":{"rendered":"Tarek Amer: Assessing a complicated legacy"},"content":{"rendered":"

<\/a> Tarek Amer\u2019s legacy will be in large part shaped by how his successor handles the <\/strong>challenges he has bequeathed them<\/strong>, including FX policy, whether foreign investors regain their appetite for our debt, and how inflation plays out, among others. This much is clear: however divisive he has been in some quarters, he will be remembered for the gutsy float of the EGP back in 2016 \u2014 and transforming decades of lip service about financial inclusion into a sea change in policy that has given birth to a new generation of startup and brick-and-mortar non-bank financial players.<\/p>\n

Banking system cleanup:<\/strong> Amer joined the CBE in 2003 as a deputy governor to Farouk El Okdah, following a stint in the private sector. Okdah and Amer presided over a cleanup of the banking system made necessary when the lending bubble of the 1990s collided with the fallout from the November 1997 Luxor massacre, which sent tourism \u2014 and the economy \u2014 into a nosedive. That cleanup saw the CBE force consolidation, recapitalization, and a world-class regulatory framework (criticized in some quarters as excessively risk-averse) onto the industry. By the time it drew to an end, Egypt had 39 banks, down 17 from the height in 2003.<\/p>\n

He was appointed as CBE governor in 2015<\/strong> after a detour during which he led the National Bank of Egypt from 2008-2013, among other positions at a time when Egypt\u2019s FX market was in disarray<\/strong>. Amer took over the central bank from Hisham Ramez, who held the position for two years from 2013-2015. The country had a shortage of greenbacks and a pegged exchange rate, which gave rise to a very robust parallel market for hard currency.<\/p>\n

The OG devaluation:<\/strong> A year into his tenure, Amer made global headlines in November 2016 when the central bank took the bold step of liberalizing the exchange rate<\/a> and allowing the EGP to devalue, part of a broader raft of economic reforms that revived Egypt\u2019s FX trade and paved the way for us to unlock a USD 12 bn loan<\/a> from the IMF. The 2016 EGP float and devaluation were \u201ccritical steps toward restoring confidence in the economy and eliminating foreign exchange shortages,\u201d the IMF said at the time.<\/p>\n

Cue the era of hot money and the emergence of a carry trade darling:<\/strong> During his time as governor, Amer oversaw a monetary tightening cycle that kicked off in 2017 amid soaring inflation. With one of the highest real interest rates among emerging markets, Egypt began attracting USD bns in portfolio investments as we solidified our position as a carry trade darling.<\/p>\n

\u2026followed by import restrictions and stemming USD demand:<\/strong> The EGP was coming under pressure earlier this year as commodity prices picked up (among other factors), but was particularly squeezed when Vladimir Putin\u2019s invasion of Ukraine touched off what remains, for Egypt, a perfect economic storm: International investors are pulling back from emerging markets in a risk-off (at the same time as the Fed offers more attractive returns with interest rate hikes), our import bill is skyrocketing (particularly for fuel and food), and Russian and Ukrainian tourists are staying home. Drying up FX liquidity saw Amer impose import restrictions by another name, changing import rules to mandate<\/a> that importers must get letters of credit, rather than documentary collection. The presidency (not Amer) later announced that production inputs and raw materials would be exempt from the rules; El Sisi also tapped Madbouly to meet regularly with the CBE to make sure that it was doing its best to make FX available to manufacturers. Still, importers of all forms \u2014 including folks bringing in manufacturing inputs \u2014 say they\u2019re having a very tough time opening LCs.<\/p>\n

Amer also guided the central bank as it responded to the outbreak of covid-19<\/strong>, moving swiftly to protect the economy from the effects of covid-19 with a 300 bps preemptive interest rate cut in March 2020<\/a>, followed by another two unexpected rate cuts of 50 bps apiece in September and November of that year, bringing the grand total for 2020 to 400 bps. The CBE also rolled out debt relief initiatives and debt repayment holidays, alongside a EGP 20 bn stimulus package<\/a> to directly purchase equities on the EGX. Other measures from the CBE simplified the flow of money, including scrapping fees on all EGP transfers between local banks and withdrawals from out-of-network ATMs \u2014 a continuation of his work to push forward the government\u2019s digitization and financial inclusion drives.<\/p>\n

On the industry regulation side, Amer was not without controversy.<\/strong> In 2016, he issued a<\/a>decree<\/a> imposing nine-year term limits for any Egyptian bank\u2019s managing director \u2014 a move that resulted in backlash from the business community. The limits were blocked by the judiciary<\/a> and were ultimately scrapped from an overhauled Banking and Central Banking Act that passed the House of Representatives in 2020<\/a>.<\/p>\n

AMER\u2019S LASTING CONTRIBUTION- The ongoing financial inclusion drive that has helped <\/strong>turbocharge the growth of both startups <\/strong>(from Kashat to Khazna and beyond) and brick-and-mortar NBFI players. <\/strong>Amer and his team walked the walk on financial inclusion (bringing the unbanked masses into the formal economy) after generations of policymakers paid lip service to the idea. Participants in the formal banking system skyrocketed from somewhere in the low 30% range at the start of Amer\u2019s term to more than 56% at the end of 2021, making talk of investment in businesses built on financial inclusion part of the mainstream<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tarek Amer\u2019s legacy will be in large part shaped by how his successor handles the challenges he has bequeathed them, including FX policy, whether foreign investors regain their appetite for our debt, and how inflation plays out, among others. This much is clear: however divisive he has been in some quarters, he will be remembered […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7350],"tags":[204,271,72,927],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548706","post","type-post","status-publish","format-standard","hentry","category-banking","tag-banking","tag-central-bank-of-egypt","tag-enterpriseam","tag-tarek-amer","wpautop","entry"],"acf":{"mongo_id":"78b81e22-77ef-4641-9ba7-86fe57cfaf6f","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[548699],"teaser":"","voice_url":""},"yoast_head":"\nTarek Amer: Assessing a complicated legacy - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/18\/tarek-amer-assessing-a-complicated-legacy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tarek Amer: Assessing a complicated legacy\" \/>\n<meta property=\"og:description\" content=\"Tarek Amer\u2019s legacy will be in large part shaped by how his successor handles the challenges he has bequeathed them, including FX policy, whether foreign investors regain their appetite for our debt, and how inflation plays out, among others. 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A \u201ccomplete revamp\u201d of its banking laws to introduce \u201csharp and crisp\u201d governance for the sector, CBE Governor Tarek Amer told Bloomberg on Tuesday. \u201cWe don\u2019t want people\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":647770,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/18\/tarek-amer-wants-banks-to-open-branches-in-the-new-administrative-capital\/","url_meta":{"origin":548706,"position":1},"title":"Tarek Amer wants banks to open branches in the new administrative capital","author":"enterpriseam admin","date":"18 May 2017","format":false,"excerpt":"The Central Bank is close to finalizing amendments to Egypt\u2019s banking laws, CBE Governor Tarek Amer told senior banking and industry executives on Wednesday, according to Ahram Gate, without specifying details. Amer also urged the executives to begin making plans to open branches in the new administrative capital, where President\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":630703,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/30\/banking-act-will-not-set-term-limits-for-managing-directors-amer\/","url_meta":{"origin":548706,"position":2},"title":"Banking Act will not set term limits for managing directors -Amer","author":"enterpriseam admin","date":"30 April 2018","format":false,"excerpt":"LEGISLATION WATCH- The amended Banking Act will not set term limits for bank managing directors, CBE Governor Tarek Amer reportedly said yesterday. \u201cWe will keep an eye on things in a different way,\u201d he told Al Shorouk, without elaborating. The pending law \u2014 the latest draft of which the central\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":645396,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/19\/lamees-accuses-tarek-amer-of-attempting-a-power-grab\/","url_meta":{"origin":548706,"position":3},"title":"Lamees accuses Tarek Amer of attempting a power grab","author":"enterpriseam admin","date":"19 July 2017","format":false,"excerpt":"We interrupt our talk show hiatus to bring you this late-breaking bulletin from Hona Al Assema, which mounted a broadside against CBE Governor Tarek Amer last night.Thanks, Lamees.Host Lamees El Hadidi accused Amer of making a power grab through proposed amendments to the central bank and banking acts. Proposed amendments\u2026","rel":"","context":"In "Enterprise+: Last Night\u2019s Talk Shows"","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":622811,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/14\/tarek-amer-says-policy-makers-must-consider-community-impact-of-their-decisions\/","url_meta":{"origin":548706,"position":4},"title":"Tarek Amer says policy makers must consider \u201ccommunity impact\u201d of their decisions","author":"enterpriseam admin","date":"14 October 2018","format":false,"excerpt":"** #3 Tarek Amer says policymakers must consider \u201ccommunity impact\u201d of their decisions: Authorities must consider the political and community impact of changes in monetary policy, CBE Governor Tarek Amer said on Thursday at the IMF and World Bank annual meetings in Bali. \u201cPolicymakers have to have the sense of\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":641124,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/13\/cbe-to-complete-amendments-of-the-central-bank-and-banking-acts-in-a-month\/","url_meta":{"origin":548706,"position":5},"title":"CBE to complete amendments of the Central Bank and Banking Acts in a month","author":"enterpriseam admin","date":"13 September 2017","format":false,"excerpt":"The CBE will be ready to send the amended Central Bank and Banking Act to the \u201crelevant authorities for approval\u201d in a month after its board finishes discussions on the legislation, Governor Tarek Amer said yesterday. \u201cThe amendments rest on the principles of good governance and aim to give the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548706","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=548706"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548706\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548699"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=548706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=548706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=548706"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=548706"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=548706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}