{"id":548740,"date":"2022-08-21T04:00:46","date_gmt":"2022-08-21T04:00:46","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/hassan-abdalla-is-the-new-acting-governor-of-the-central-bank-of-egypt\/"},"modified":"2022-08-21T04:00:46","modified_gmt":"2022-08-21T04:00:46","slug":"hassan-abdalla-is-the-new-acting-governor-of-the-central-bank-of-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/hassan-abdalla-is-the-new-acting-governor-of-the-central-bank-of-egypt\/","title":{"rendered":"Hassan Abdalla is the new acting governor of the Central Bank of Egypt"},"content":{"rendered":"

Meet the CBE\u2019s new acting chief:<\/strong> President Abdel Fattah El Sisi appointed Hassan Abdalla (bio<\/a>), the former vice-chairman and managing director of Arab African International Bank (AAIB) and current chairman of state-owned media giant United Media Services, as acting governor of the Central Bank of Egypt (CBE) on Thursday, one day after Tarek Amer unexpectedly stepped down<\/a>. During a meeting on Thursday, El Sisi stressed to Abdalla that monetary policy should be responsive to global economic challenges, improve the country\u2019s investment climate, and help diversify its sources of foreign currency, according to state-owned breaking news website Ahram Gate<\/a>.<\/p>\n

Abdalla\u2019s appointment came on the heels of Tarek Amer\u2019s surprise resignation<\/strong> on <\/strong>Wednesday<\/strong>, one day before the central bank\u2019s interest rate meeting. No explanation was given for Amer\u2019s exit, but analysts have speculated that the move could signal a shift in exchange-rate policy. Amer\u2019s second and final term was due to expire in November 2023; the former governor was widely seen as managing the exchange rate within a narrow corridor.<\/p>\n

It is unclear how long Abdalla will hold the position:<\/strong> Egypt\u2019s constitution allows the president to appoint a temporary caretaker to fill the position until the House of Representatives begins its next legislative session in the fall, at which time it would need to approve a nominee for a full four-year term.<\/p>\n

WHO IS HASSAN ABDALLA?<\/strong><\/p>\n

Abdalla is a veteran of the private-sector banking industry:<\/strong> He joined AAIB in 1982 and rose to become the multinational bank\u2019s vice chairman and managing director in 2002 \u2014 a position he held until he left the bank in 2018<\/a>, having positioned it as one of the nation\u2019s top private-sector banks. He\u2019s the founder and chairman of advisory and private equity firm Panther Associates<\/a> and has previously been a board member at the Central Bank of Egypt and EGX, the Institute of International Finance, the Communications Ministry\u2019s ITIDA, and several private and public sector companies in Egypt.<\/p>\n

Abdalla aggressively positioned AAIB as among the private-sector \u201cinstitutions of choice\u201d for corporate Egypt<\/strong> with a strategy of pursuing syndicated loans, working capital facilities, and long-term finance to support capital expenditures. Abdalla grew the bank\u2019s international presence (including through its long-time UAE arm, which accounted for 20% of AAIB\u2019s net income in 2017, his last full year at the bank); moved into microfinance, leasing and mortgage finance; spun up an investment banking, corporate finance, securities brokerage and asset management units; and helped lead the early conversation here on sustainable finance.<\/p>\n

He was a key figure in the 2005 merger of <\/strong>Misr America International Bank and AAIB <\/strong>in a transaction worth around EGP 240 mn, according to local media reports. In 2015, Abdallah led the bank to buy the portfolio<\/a> of Canada\u2019s Scotiabank in Egypt.<\/p>\n

He is also a member of the academic world: <\/strong>Abdalla was a part-time professor of finance at AUC, from which he graduated with a BA and an MA. He is actively involved in the academic community, serving on the boards of both the ESLSCA Business School in Egypt and the strategic advisory board of AUC School of Business.<\/p>\n

IN AT THE DEEP<\/strong> END-<\/strong><\/p>\n

Abdalla chaired Thursday\u2019s Monetary Policy Committee meeting<\/strong> just hours after his appointment. The committee left interest rates on hold (we have more details on the meeting below).<\/p>\n

And attended a series of high-level meetings:<\/strong> Abdalla also held meetings with Prime Minister<\/a>Moustafa Madbouly<\/a> and IMF Executive Director Mahmoud Mohieldin<\/a> on Thursday to discuss economic policy and the current state of play with the IMF negotiations. Abdalla said the relationship between the central bank and government would be \u201ccharacterized by harmony\u201d to achieve the country\u2019s development goals, stressing \u201cfull cooperation and coordination\u201d between the two sides.<\/p>\n

A tough road ahead:<\/strong> Abdalla leads the bank as policymakers face growing pressure on the currency and the economy. Heightened commodity prices have added bns of USD to the country\u2019s import bill and rising global interest rates as well as volatility in international financial markets have seen USD 20 bn in portfolio flows<\/a> exit the country this year, putting pressure on the EGP, which has slipped almost 22% since March.<\/p>\n

Abdalla\u2019s most pressing challenge: the EGP. <\/strong>Calls among global financial analysts for further devaluation have grown louder<\/a> in recent days to dodge a balance of payments crisis, and markets are increasingly pricing in a further depreciation. Forward markets expect the currency to slide 10% over the next three months and 22% over the next year, according to Tellimer Research.<\/p>\n

Freeing the currency is also looking like a prerequisite for an agreement with the IMF:<\/strong> Adopting a flexible exchange rate policy is likely one of the IMF\u2019s key demands before it agrees to extend another multi-bn USD loan to Egypt, for which the two sides have been in talks since March<\/a>. The Fund called on the government<\/a> to make \u201cdecisive\u201d fiscal and structural reforms to reduce its exposure to external shocks last month.<\/p>\n

An agreement with the IMF is key:<\/strong> The series of policy tools deployed so far \u2060\u2014 allowing a limited fall in the currency, restricting imports, and attracting up to USD 22 bn in Gulf investment \u2060\u2014 have done little to ease the external pressures. A fresh program could provide bns of USD in additional funding and give extra assurances to investors by way of a structural reform program endorsed by the IMF. The question is how the Madbouly government would cope with the additional boost to inflation <\/strong>that would accompany a float.<\/p>\n

The foreign press took note of Abdalla\u2019s appointment: <\/strong>Bloomberg<\/a> | Reuters<\/a> | Associated<\/a>Press<\/a> | The National<\/a>.<\/p>\n

MEANWHILE- Gamal Negm isn\u2019t going anywhere:<\/strong> The CBE has denied reports of the resignation of the bank\u2019s Deputy Governor Gamal Negm, according to a statement sent to journalists. \u201cNegm continues to perform his duties as normal,\u201d it said. Negm, who has been a key figure at the bank for almost two decades, had been speculated<\/a> to be in the running for the top job after Amer stepped down.<\/p>\n","protected":false},"excerpt":{"rendered":"

Meet the CBE\u2019s new acting chief: President Abdel Fattah El Sisi appointed Hassan Abdalla (bio), the former vice-chairman and managing director of Arab African International Bank (AAIB) and current chairman of state-owned media giant United Media Services, as acting governor of the Central Bank of Egypt (CBE) on Thursday, one day after Tarek Amer unexpectedly […]<\/p>\n","protected":false},"author":1,"featured_media":548741,"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":[7231],"tags":[271,68,72,2275,2276,272,206,927],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-moves","tag-central-bank-of-egypt","tag-egx","tag-enterpriseam","tag-gamal-negm","tag-hassan-abdalla","tag-imf","tag-moves","tag-tarek-amer","wpautop","entry"],"acf":{"mongo_id":"cc358ff9-00be-4503-bee9-00159279bfb6","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/8\/328.jpg","photo_position":"above","related_issue":[548736],"teaser":"","voice_url":""},"yoast_head":"\nHassan 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"Moves"","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/8\/1140.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":610772,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/27\/hassan-abdalla-reappointed-cbe-governor-ahmed-galal-joins-auc-board\/","url_meta":{"origin":548740,"position":2},"title":"Hassan Abdalla reappointed CBE governor + Ahmed Galal joins AUC Board","author":"enterpriseam admin","date":"27 November 2023","format":false,"excerpt":"#1- Hassan Abdalla gets another year as CBE governor: President Abdel Fattah El Sisi has reappointed Hassan Abdalla as the acting governor of the Central Bank of Egypt for a second one-year term as part of a wider board shuffle, according to a decision published in the Official Gazetteyesterday. Abdalla\u2026","rel":"","context":"In "Moves"","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1388.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":656195,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/01\/el-sisi-shuffles-cbes-board-headed-by-abdalla-plus-hsbc-holdings-taps-selim-kervanci-as-new-middle-east-ceo\/","url_meta":{"origin":548740,"position":3},"title":"El Sisi shuffles CBE\u2019s board headed by Abdalla. PLUS: HSBC Holdings taps Selim Kervanci as new Middle East CEO","author":"enterpriseam admin","date":"1 December 2024","format":false,"excerpt":"Former Assistant Director of International Monetary Fund joined the board as an economic expert","rel":"","context":"In "Moves"","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/12\/9.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":552199,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/18\/this-evening-hassan-abdalla-tapped-as-acting-governor-of-the-cbe-ahead-of-todays-mpc-meeting-interest-rates-decisions-dominate-the-international-business-press\/","url_meta":{"origin":548740,"position":4},"title":"THIS EVENING: Hassan Abdalla tapped as acting governor of the CBE ahead of today\u2019s MPC meeting + Interest rates decisions dominate the international business press","author":"enterpriseam admin","date":"18 August 2022","format":false,"excerpt":"Good afternoon, lovely people, and a very happy THURSDAY. It\u2019s been quite a week for us all, with an uncharacteristic flood of news over the past few days \u2014 and it\u2019s not over yet. THE BIG STORY TODAY It\u2019s official: Hassan Abdalla is taking over as acting governor of CBE:\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577935,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/11\/hisham-ezz-el-arab-appointed-cibs-non-executive-chairman\/","url_meta":{"origin":548740,"position":5},"title":"Hisham Ezz El Arab appointed CIB\u2019s non-executive chairman","author":"enterpriseam admin","date":"11 December 2022","format":false,"excerpt":"Hisham Ezz El Arab is once again chairman of CIB: Our friend Hisham Ezz El Arab (LinkedIn) was appointed non-executive chairman of cIB last week, the bank said in a disclosure (pdf) to the EGX on Thursday. He succeeds Sherif Samy (LinkedIn), who held the position since October 2020 and\u2026","rel":"","context":"In "Moves"","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/189.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548740","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=548740"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548740\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548736"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/548741"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=548740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=548740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=548740"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=548740"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=548740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}