Egypt appoints central bank caretaker chief amid crisis

CAIRO (AP) — Egypt’s president has appointed a caretaker governor of the central bank amid a grinding economic crisis triggered by the Russian war on Ukraine. President Abdel Fattah el-Sissi on Thursday named Hassan Abdullah, a former banker, as the central bank’s new chief. This comes a day after the resignation of Tarek Amer, who had held the post since 2015. The appointment still needs to be ratified by the state-controlled parliament, which is currently in recess. Inflation in the country of 103 million people reached 14.6% in July, increasing pressure on lower-income households and everyday necessities. Around a third of Egyptians live in poverty, according to government figures.