Although everyone is talking about the bad economic situation, some are optimistic about Tarek Amer’s appointment as governor of the Central Bank. They call him the “strong man”.
Amer was nominated for the post two years ago, but former President Mohamed Morsi, who was ousted in 2013, appointed Hisham Ramez instead.
Amer is stepping in during a sensitive time for the Egyptian economy, in light of a dollar exchange rate problem, a rising budget deficit and soaring prices.
He was the deputy governor in 2008, and played a role in preparing and implementing a reform program for the monetary policy and the banking sector.
In the same year he was appointed president of the National Bank of Egypt, whose balance sheet he increased by LE170 billion in five years. He succeeded in bridging the bank’s gap of bad debts, which was more than LE10 billion, and in achieving a net profit of LE300 million in 2012, all despite the bad economic conditions that followed the January 25 Revolution.
This is what makes experts optimistic that he could save the economy.
Despite his success, he was not spared from accusations during his presidency of the bank, as some accused him of having had close ties with Hosni Mubarak’s sons and others said that he made serious administrative and financial mistakes, and that he was corrupt.
He believed that Turkey provided an example experience that could have provided a solution for the problems Egypt faced after the revolution. He also believed that Egypt should have obtained a loan from the World Bank after the revolution, as foreign reserves had started to diminish.
He is the nephew of Abdel Hakim Amer, the former defense minister and friend of President Gamal Abdel Nasser. He says Nasser persecuted Amer and his family although Amer thought highly of him.
Edited translation from Al-Masry Al-Youm
