The Central Bank of Egypt (CBE; Arabic: البنك المركزي المصري) is the central bank and monetary authority of the Arab Republic of Egypt.

Central Bank of Egypt
البنك المركزي المصري
Coordinates30°03′16.9″N 31°14′48.0″E / 30.054694°N 31.246667°E / 30.054694; 31.246667 30°03′29″N 31°14′03″E / 30.0581°N 31.2343°E / 30.0581; 31.2343
Established25 June 1898 (1898-06-25)[1]
Ownership100% state ownership[2]
GovernorHassan Abdullah
Central bank ofEgypt
CurrencyEgyptian pound
EGP (ISO 4217)
ReservesUS$33.375 billion[2]
Bank rate12.25[3]
Interest on reserves11.25%[3]
Preceded byNational Bank of Egypt (until 1960)

Currency edit

Since the trading of gold and silver coins in Egypt and until 1834, there was no one unit of currency to unify the country. In 1834, a decree was realised stating the forging of an Egyptian currency based on the two metals (gold and silver). In accordance with said decree, the minting of a currency in the shape of gold and silver Riyals began. In 1836, the Egyptian pound was first introduced and it became open for public use.[4]

The bank floated the Egyptian pound during the morning of the 13th of November 2016.[5] [6]

Functions edit

Its functions include[citation needed]

List of governors edit

Central Bank building in Cairo

Following is a list of the Governors of the Central Bank of Egypt:[7]

Name Took office Left office
Sir Elwin Palmer August 1898 January 1906
Sir Frederick Rowlatt June 1906 February 1921
Sir Bertram Hornsby March 1921 February 1931
Sir Edward Cook March 1931 October 1940
Sir Norman Nixon October 1940 April 1946
Sir Frederick Leith-Ross May 1946 April 1951
Ahmed Zaki Saad May 1951 April 1952
Mohamed Fekry May 1952 March 1955
Ahmed Zaki Saad March 1956 July 1957
Abd El-Gelil El Emary November 1957 March 1960
Abd El-Hakim El Refaie March 1960 March 1964
Ahmed Zendo March 1964 February 1967
Ahmed Nazmy February 1967 January 1971
Ahmed Zendo February 1971 March 1976
Mohamed Abd El Fatah Ibrahim March 1976 January 1982
Mohamed Shalaby February 1982 March 1985
Ali Negm March 1985 November 1986
Mahmoud Hamed November 1986 October 1993
Ismail Hassan Mohamed October 1993 October 2001
Mohamed Abul Eyoun October 2001 November 2003
Farouk El-Okdah December 2003 February 2013
Hisham Ramez February 2013 November 2015
Tarek Hassan Amer November 2015 August 2022
Hassan Abdalla August 2022 Present

See also edit

References edit

  1. ^[bare URL PDF]
  2. ^ a b Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
  3. ^ a b "Press Release". Central Bank of Egypt. 2019-03-28. Retrieved 2019-03-31.
  4. ^ "نبذة تاريخية" (in Arabic). Central Bank of Egypt. Retrieved 28 June 2019.
  5. ^ Hossam Mounir (November 2, 2017) — Flotation was boldest decision in history of Egyptian economic, banking sectors, published by Daily News Egypt - accessed 2020-02-14
  6. ^ The EGP Devaluation: A new beginning, published by PwC - accessed 2020-02-14
  7. ^ "CBE Governors". Archived from the original on 2018-12-30. Retrieved 2019-03-31.

External links edit