Egypt replaces central bank chief amid currency devaluation

AP News
Posted: Oct 21, 2015 9:34 AM

CAIRO (AP) — Egypt's state news agency is reporting that Egypt's president has replaced the head of the central bank.

It says President Abdel-Fattah el-Sissi appointed Tareq Amer, former head of the National Bank of Egypt, to the post for four years after the resignation of Hisham Ramez.

The resignation comes after the bank allowed the value of its currency to weaken twice in recent days, falling to 7.93 pounds per dollar from 7.73.

Government efforts to prop up the pound have been eating into the country's foreign reserves. Foreign investors have been concerned about whether Egypt would be able to make its exchange rate more in line with markets.

Capital controls have made foreign currency more scarce, vexing local business and worrying foreign investors.