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Mr. Tarek Amer

21/06/2021

Governor of the Central Bank of Egypt, Governor of the African Development Bank for Egypt

Mr. Tarek Amer is the Governor of the Central Bank of Egypt appointed since 2015 with a mandate to address the FX crisis which, at the time, was one of the main challenges Egypt was facing as it had drained international Reserves and cast its shadows over the economic stability of the Country. Governor Amer launched and led one of the most difficult reform agendas that helped Egypt’s economy to turn stable and sustainable. He was able to navigate a big change in the monetary policy reforming and liberalizing the foreign Exchange market including the difficult decision to move from the fixed exchange rate regime to a flexible exchange rate regime and modernize the Central Bank monetary framework and tools. He was appointed as Governor for a second 4 year term in November 2019 working diligently on multiples layers to instill monetary and financial stability and issuing various initiatives in support of the Egyptian economy. Mr. Amer was the leading architect of Egypt’s IMF program and the driving force behind the country’s exchange rate reform, which has played a pivotal role in putting the economy on a sustainable path and restoring the confidence of international investors. This was enhanced by his commitment to orthodox monetary policy with clearly announced inflation targets, timely market communication and prudent macro prudential regulation. Mr. Amer has successfully lead the reform agenda which has restored financial stability, monetary policy and international reserves apart from embarking on a third major reform plan for the banking sector in Egypt with a target of achieving a more inclusive financial system by enhancing Fintech and Digital banking.

Previously, Mr. Amer was the former Chairman and CEO of The National Bank Of Egypt (NBE), where he successfully implemented a full restructuring plan over a short period from 2008 turning around the Bank of Egypt to become the largest and foremost financial services provider in Egypt and one of the largest in the Middle East and North Africa Region.; as well as one of the most profitable financial institutions in Egypt.

Before spearheading management at the National Bank of Egypt, Mr. Amer was the Deputy Governor of The Central Bank of Egypt appointed to rectify the banking crisis in 2003. During his 2 consecutive terms, he successfully lead and executed 2 major reform plans for the Central Bank of Egypt and the Egyptian banking sector in cooperation with the ECB and several European National Central Banks. His term concluded with a fully restructured "state of the art" Central bank, State owned banks and a successful privatization program. Additionally, a new monetary policy regime was implemented which – at the time - led to the abolishment of black market, the reduction in inflation from 35 pct to 10 pct, the appreciation of the domestic currency by over 25 pct. and ultimately the restoration of the international reserves. During his terms as Deputy Governor, he also represented The Government of Egypt on a number of shareholders’ committees for strategic industries such as power, petrochemicals, aviation and chemicals industries.

Mr. Amer's professional career spans over more than 40 years of banking experience and managing the Corporate Finance and Investment Banking activities for both Bank of America and 'Citi Group covering a wide array of regions, including the Middle East and North Africa (MENA), Turkey, and the Gulf.

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