Egypt's new central bank head seen as a win for big business

The appointment this week of Tarek Amer as governor of Egypt's central bank is reportedly seen as a move to appease businessmen and bankers in conflict with his predecessor, Hisham Ramez.

Ramez, whose term as head of Egypt's central bank officially ends 26 November, had faced increasing criticism after refusing to devalue the Egyptian pound, reported Al-Araby Al-Jadeed on Friday.

Ramez had instead imposed measures that reportedly angered local businesses that complainied of a lack of foreign currency to pay for imports.

Egypt's foreign exchange reserves have decreased to $16.3bn in September from $36bn in 2011, reported Al-Araby.

"Over the past few months, infighting between Ramez and several ministers escalated over his management of monetary policies towards reducing debt and tackling inflation and high prices," an Egyptian official reportedly told al-Araby'.