Egypt Central Bank Governor named best in MENA

28-08-2017 12:03 AM

Usama Fayez

Governor of the Central Bank of Egypt (CBE), Tareq Amer, has been named the best governor in the Middle East and North Africa for 2017, Global Markets newspaper reported on 25 August. The announcement was made during the annual meeting of the World Bank (WB) and the International Monetary Fund (IMF).
In an official letter, a copy of which the CBE obtained, the paper’s Managing Editor Toby Fildes said the CBE policies have contributed to putting Egypt’s economy onto the right path. “As a leading architect of Egypt’s IMF program and the driving force behind the country’s exchange rate reform, you have played a pivotal role in putting the economy on a sustainable path and restoring the confidence of international investors. This has been enhanced by your commitment to orthodox monetary policy, timely market communication and prudent macro-prudential regulation,” Fildes added.
Egypt’s trade deficit has been steadily improving since the currency flotation in 2016, falling by 43.8 percent year-on-year in May as imports declined by USD1.63 billion, according to statistics agency CAPMAS. The economic reform programme has included austerity measures such as cutting spending on fuel and electricity subsidies.
Governor Amer is due to receive the award on October 14 in a ceremony in Washington.

Watani International
27 August 2017

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