10 reasons why Hisham Ramez is the best central bank governor
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Last week Hisham Ramez was selected by The International Monetary Fund (IMF) and World Bank as the best Central bank governor in MENA in the annual IMF world Bank meeting that was held in Peruvian capital Lima between 8-11 October.
The selection comes at a time that Ramez himself described as the most challenging for monetary policies in Egypt but his efforts for getting Egypt's economy on the right track didn't go unnoticed by international bodies.
Ramez took some steps to push the Egyptian economy forward in a difficult time, among these steps were:
1- Devaluating the Egyptian pound against the Dollar by more than 9% to protect foreign reserves (the pound was further devaluated in October)
2- Funding the Suez Canal expansion with issuing investment certificates limited to Egyptian citizens and corporates.
3- His efforts in combating the black market for currencies as Ramez imposed limits on daily and weekly Dollar deposits in banks to hit the black market among other measures.
4- Reforming Egypt's subsidies' system especially petroleum subsidies which increased investor confidence.
5- Supporting industries: Ramez held meetings with Industrial entities in Egypt Like the Federation of Egyptian Industries headed by Mohamed El-Sewedy and his deputy Tarek Tawfik to discuss problems and difficulties facing industries in Egypt and how to resolve them.
6- CBE is also supporting the tourism sector by encouraging the postponement of installments of tourism companies' debts.
7- Ramez shifted policies towards the support of SMEs by exempting banks from the reserve threshold for SME loans and encouraging banks to establish separate units dedicated to financing SMEs and similar attention to the real-estate and industrial sector.
8- The CBE is committed to repaying Egypt's interest on debts especially repaying $6bn Qatari deposits, the last installment of which is scheduled in November. These installments represents a huge pressure on the budget. The bank's policies can then focus on limiting budget deficit.
9- Ramez took part in drafting Egypt's tax system that is undergoing changes like the introduction of value added tax.
10- The foreign purchase of bonds and treasury bills increased in 2015 due to CBE policies that increased confidence and created a more positive outlook of Egypt's economy.
Who is Hisham Ramez? check his biography.
Image via: Daily News Egypt
The selection comes at a time that Ramez himself described as the most challenging for monetary policies in Egypt but his efforts for getting Egypt's economy on the right track didn't go unnoticed by international bodies.
Ramez took some steps to push the Egyptian economy forward in a difficult time, among these steps were:
1- Devaluating the Egyptian pound against the Dollar by more than 9% to protect foreign reserves (the pound was further devaluated in October)
2- Funding the Suez Canal expansion with issuing investment certificates limited to Egyptian citizens and corporates.
3- His efforts in combating the black market for currencies as Ramez imposed limits on daily and weekly Dollar deposits in banks to hit the black market among other measures.
4- Reforming Egypt's subsidies' system especially petroleum subsidies which increased investor confidence.
5- Supporting industries: Ramez held meetings with Industrial entities in Egypt Like the Federation of Egyptian Industries headed by Mohamed El-Sewedy and his deputy Tarek Tawfik to discuss problems and difficulties facing industries in Egypt and how to resolve them.
6- CBE is also supporting the tourism sector by encouraging the postponement of installments of tourism companies' debts.
7- Ramez shifted policies towards the support of SMEs by exempting banks from the reserve threshold for SME loans and encouraging banks to establish separate units dedicated to financing SMEs and similar attention to the real-estate and industrial sector.
8- The CBE is committed to repaying Egypt's interest on debts especially repaying $6bn Qatari deposits, the last installment of which is scheduled in November. These installments represents a huge pressure on the budget. The bank's policies can then focus on limiting budget deficit.
9- Ramez took part in drafting Egypt's tax system that is undergoing changes like the introduction of value added tax.
10- The foreign purchase of bonds and treasury bills increased in 2015 due to CBE policies that increased confidence and created a more positive outlook of Egypt's economy.
Who is Hisham Ramez? check his biography.
Image via: Daily News Egypt