Publish Date: in Finance Today
The Central Bank of Egypt is responsible for the country’s monetary policy. It also sets banking laws, supervises banks, and decides the interest rate with which banks operate.
In 1960, a presidential decree was issued to found the Central Bank of Egypt, and in 1961 it was operational. Before 1961, the tasks that the Central Bank performed were the responsibility of the National Bank of Egypt, which included printing the Egyptian Pound. After 1961, the National Bank of Egypt relinquished those tasks, and became a regular governmental bank.
governor is the one responsible for issuing policies and decisions. He is appointed by president, and his term lasts for four years.
The Central Bank’s governor is the one responsible for issuing policies and decisions. He is appointed by president, and his term lasts for four years. The candidate is usually someone with extensive experience within the Banking sector, so it’s usually a former Managing Director of a bank. Currently, the governor is Tarek Amer, who used to be the Managing Director of the National Bank of Egypt. Since its founding, there have been 13 Central Bank governors.