Egyptian President Abdel Fattah al-Sisi accepted the resignation of central bank governor Tarek Amer and appointed him as a presidential adviser, state television and Sisi’s office said on Wednesday.

Egypt’s dollar-denominated bonds fell as much as 1.6 cents on the dollar on the news, according to data from Tradeweb.

Amer, who has a banking background, was appointed for a four-year term as central bank governor in November 2015 and reappointed for another four years in November 2019. Governors are only allowed to serve for two terms.

Source: National News Agency