President Sisi reappoints Hassan Abdallah in 3rd term as CBE acting governor

Abdallah was appointed as the CBE's acting governor on 18 August 2022.

Under Abdallah's leadership, the CBE dealt with several financial crises through tighter monetary policies to improve economic indicators.

For example, in 2022, the CBE allowed the exchange rate for the Egyptian pound to be determined according to market mechanisms to deal with the foreign currency crunch triggered by the repercussions of the war in Ukraine.

This allowed the country to qualify for a $3 billion 46-month loan deal with the International Monetary Fund (IMF) in December 2022.

In 2023, the IMF approved increasing Egypt's loan value from $3 to $8 billion. 

In the past years, the CBE has devalued the Egyptian pound four times to end foreign currency shortages.

Under Abdallah's tenure, the central bank also raised the interest rates by 16 percent to 27.25 percent.

Abdallah's policies are credited by economists for reducing inflation from over 40 percent two years ago to 25 percent. 

According to the CBE, the core inflation rate fell from 35.1 percent in February to 26.6 in June. 

In 2023, the CBE has also removed various restrictions on import activity to ease the release of billions of dollars worth of necessary goods stranded in ports.