CBE Governor Tarek Amer resigns, appointed consultant to President Sisi



Wed, 17 Aug 2022 - 10:18 GMT


Wed, 17 Aug 2022 - 10:18 GMT

FILE - Governor of the Central Bank of Egypt (CBE) Tarek Amer

FILE - Governor of the Central Bank of Egypt (CBE) Tarek Amer

CAIRO – 17 August 2022: Governor of the Central Bank of Egypt (CBE) Tarek Amer resigned Wednesday and was appointed consultant to President Abdel Fatah al-Sisi.


The president thanked Amer for the efforts he deployed during his tenure, while the latter expressed his appreciation for Sisi's backing in the past years, saying he wanted to make way for fresh blood by stepping down as CBE governor.


Egypt’s net foreign reserves decreased by $232 million or 0.69 percent during July, while the annual core inflation rate recorded 15.6 percent in July 2022, compared to 14.6 percent in June 2022, CBE announced last week.


The net foreign currency reserves reached $33.143 billion by the end of July 2022, compared to $33.375 billion recorded in June 2022.


Foreign currencies in Egypt’s foreign reserves include the U.S. dollar, euro, Australian dollar, Japanese yen and Chinese yuan.


The main function of the foreign exchange reserve, including its gold and various international currencies, is to provide commodities, repay the installments on interest rates of external debt, and to cope with economic crises.


Egypt's foreign exchange reserves jumped from $31.3 billion during the 2016-2017 fiscal year to about $44.3 billion during the 2017-2018 fiscal year, then continued to rise during the 2018-2019 fiscal year to reach $44.5 billion, before it retreated in light of the coronavirus crisis and its repercussions.


The Consumer Price Index in Egypt has recorded a monthly rate of 1.5 percent in July, compared to 0.6 percent for the same month last year, and to 1.2 percent in June 2022, the statement added.


Core inflation discounts or strips out certain categories that are considered more volatile.


The Central Agency for Public Mobilization and Statistics (CAPMAS), stated, Wednesday, that Egypt's annual inflation rate rose to 14.6 percent in July 2022, compared to 6.1 percent in the same month of prior year.


The CAPMAS indicated that the annual inflation rate inched down compared to 14.7 percent in June 2022.


The annual urban inflation rate also hiked in July to 13.6 percent, compared to 13.2 percent in June, according to the state-statistic body’s data.


On a monthly basis, inflation recorded 131 points in July 2022, recording a 0.9 percent decrease compared to June 2022, the CAPMAS said.


CAPMAS attributed the increase in inflation to the rise in the prices of cereals and bread group by 1 percent, the dairy, cheese and eggs group by 5.2 percent, the fruit group by 7.5 percent, and the smoke group by 3.3 percent.


Moreover, the medical products, devices and equipment group hiked by 1 percent, spending on private transportation rose by 9 percent, and the transportation services group by 6.4 percent.


This came despite the decrease in the prices of the vegetables group by 10.8 percent.


The Central Bank of Egypt (CBE) aims to achieve an inflation rate of 7 percent (±2) percentage points on average during the fourth quarter of 2022.



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