Hesham Ramez resigns as CBE governor, replaced by Tarek Amer

President Abdel Fattah al-Sisi accepted the resignation of Central Bank of Egypt (CBE) Governor Hesham Ramez on Wednesday, appointing Tarek Amer to replace him.

Amer held the post of CBE deputy governor for five years, from November 2003 to April 2008. He headed the National Bank of Egypt (NBE) from from 2008 until 2013. He then moved to heading the NBE UK.

He also serves as a member of the Board of Directors of CBE.

A statement by the presidency indicated that Hesham Ramez had submitted his resignation as his tenure comes to a close on November 26, 2015. His resignation will be effective starting that date, the statement added.

The president expressed his “appreciation for the governor’s efforts” through the “delicate” economic conditions and regional and international challenges.

Recent news reports have pointed to a rift between Ramez and Minister of Finance Hany Kadry Dimian, especially following the backlash the former faced following his decision to devalue the Egyptian pound by another 10 piasters.

Al-Masry al-Youm reported that Ramez allegedly lost his temper during a recent Cabinet meeting, calling for the government’s support to provide support to fight currency traders and those who smuggle foreign currency into Egypt.

Ramez was appointed by ousted President Mohamed Morsi in January 2013 to replace Farouk al-Oqda, who had held the position since 2003.