Can Egypt’s new central bank chief calm currency crisis?

When Egyptian central bank Governor Hesham Ramez quit, phones began ringing as bankers congratulated each other on the departure of a man they say refused to change course even as Egypt careered from currency crisis toward trade crisis.

Fresh blood at the top has raised hopes of impending change to a monetary policy that has failed to stabilize the pound, has angered importers and become personally associated with Ramez, whose currency controls have starved some businesses of dollars.

His named successor, Tarek Amer, who begins his four-year term on Nov. 27, is seen as a dynamic and collaborative manager credited with transforming the fortunes of Egypt’s largest bank.

Both bankers and importers have welcomed President Abdel Fattah al-Sisi’s announcement; they are more comfortable with Amer’s approachable style and say his arrival gives the central bank an opportunity to row back on existing policies without losing credibility.

“We were not going in the right direction and we are in a critical situation that requires out-of-the-box thinking,” a banker at the treasury desk of an Egyptian bank said.