Cairo - (AFP) - Governor of the Central Bank of Egypt, Tareq Amer, submitted his resignation to President Abdel Fattah El-Sisi, who accepted his apology for continuing in his position and appointed him as his advisor.

And the government’s Al-Ahram Gate website reported on its website, Wednesday, that “President Abdel Fattah Al-Sisi issued a republican decree appointing Tariq Amer, the governor of the Central Bank, as an advisor to the President of the Republic … and accepts his apology for continuing in his position.”

Amer was appointed as Governor of the Central Bank of Egypt for a period of four years, starting in October 2015.

Until now, it has not been officially announced who will succeed Amer, especially since the country is going through a critical time with regard to financial policies to try to control the rate of price rise on the one hand, after the annual inflation rate reached approximately 15%, and to try to save foreign exchange on the other hand, as Egypt seeks to get out of the crisis. Consequences of the Russian-Ukrainian war.

Coinciding with the announcement of Amer's departure from his position, the main Egyptian stock index (EGX30) rose in Wednesday's session by more than 1%, recording 9,945 points.

Under Amer, the local currency witnessed two waves of flotation against the US dollar in 2016 and last March, bringing the Egyptian pound to its lowest level in more than 5 years, as the price of the dollar recorded 19.10 pounds, according to Central Bank data.

Egypt is currently negotiating with the International Monetary Fund for a new loan to mitigate the repercussions of the war in Ukraine on the economy of the country, where the poverty rate reaches about 30% of the total population, which exceeds 103 million people.