Tarek Amer, Egypt’s Central Bank governor caused a stir by shockingly resigning just a day ahead of an interest rate meeting. The African sovereign has been facing a widening current account deficit, dwindling forex reserves and significant selling pressure on the Egyptian pound. Just last week, Egypt was looking for $2.5bn in loans from regional and international banks to bolster its fiscal position and support its struggling economy. Amer’s departure as the central bank governor has been seen to make the economic plight of Egypt more precarious and uncertain. Dollar bonds of were broadly trading lower early this morning after the announcement. While Amer has moved away from the central bank, he has taken up a role as advisor to President Abdel-Fattah El-Sisi.
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