Egyptian President Abdel Fattah al-Sisi has issued Decree No. 346/2023, confirming the reappointment of Hassan Abdalla as the Acting Governor of the Central Bank of Egypt (CBE) for a second consecutive one-year term, effective from August 18th, 2023. The official announcement was made through the publication of the Decree in the official gazette.
Hassan Abdalla first assumed the role of Acting Governor of the CBE on August 18, 2022, succeeding Tarek Amer. During his tenure, Egypt faced challenging economic circumstances triggered by the fallout of the Russian-Ukrainian conflict, which led to a significant withdrawal of foreign capital from emerging markets.
Abdalla’s leadership was marked by successful negotiations with various international financial institutions, including the International Monetary Fund (IMF). This resulted in Egypt securing a noteworthy 46-month $3 billion Extended Fund Facility (EFF) arrangement with the IMF on October 27, 2022.
Under Abdalla’s guidance, Egypt’s net international reserves experienced a notable increase of approximately 5.2 percent, amounting to around US$1.735 billion. The country’s net international reserves grew from US$33.143 billion in July 2022 to reach US$34.878 billion by the end of July 2023.
Throughout his tenure, Abdalla spearheaded efforts to establish a stable and resilient banking system. He initiated measures to combat the black market, stabilize the exchange rate system, and played a pivotal role in launching initiatives aimed at supporting key sectors such as tourism and manufacturing. Additionally, his contributions were instrumental in aiding national companies in distress to regain stability.
Before his appointment to the CBE, Hassan Abdalla held several esteemed positions. He served as the Vice Chairman and Managing Director of the Arab African International Bank (AAIB) and held the position of Chairperson of the Union Des Banques Arabes Et Francaises (UBAF) in Hong Kong. Furthermore, he was entrusted with the role of Chairperson of the Board of Trustees of the We Owe It to Egypt Foundation (WOTE).
Abdalla’s career trajectory began at AAIB in 1982, where he rapidly progressed through various positions of increasing responsibility. His journey led him to the bank’s New York City branch in 1988, and he was eventually promoted to the positions of Assistant General Manager in 1994 and General Manager in 1999. In 2000, he assumed the role of Vice Chairman and Managing Director of AAIB.
Notably, Hassan Abdalla’s contributions extended beyond his role at AAIB. He served on the Boards of significant institutions, including Union Des Banques Arabes Et Francaises (UBAF) in Paris, the German-Arab Chamber of Industry and Commerce, the Emerging Markets Advisory Council (EMAC) of the Institute of International Finance, and the Central Bank of Egypt (CBE).
