Egypt replaces central bank chief as currency devaluates

Egypt named a new central bank governor Wednesday, replacing incumbent Hesham Ramez.

In a statement, the Egyptian Presidency said Ramez will not renew his term when it expires on Nov. 26.

He will be replaced by veteran banker Tareq Amer as of Nov. 27, according to the statement.

Amer had served as the deputy chief of the central bank in the past.

Ramez has been under fire in recent weeks following a decision to devaluate the Egyptian pound.

Last week, the central bank had allowed the pound to weaken to 7.83 pounds to the dollar from 7.73 on Thursday, then further to 7.93 on Sunday.