Rami Aboul Naga

Deputy Governor, Central Bank of Egypt

Aboul Naga is Deputy Governor of the Central Bank of Egypt (CBE), as of November 2019. He oversees the Markets and Foreign Relations sectors, Monetary Policy, Economic Research, Information Technology, and Banking Operations & Payment Systems. He is also a Board member of several institutions, such as the Egyptian Stock Exchange, Egypt Post, amongst others.

Since joining, he oversaw the prudent management of the CBE’s foreign reserves, ensuring compliance with the stringent investment guidelines. He also spearheaded negotiations with financial institutions and other central banks, to attract foreign investments into the Egyptian market. Aboul Naga led the discussions with credit rating agencies in their quest to determine Egypt’s credit profile. He was entrusted with the Egyptian foreign exchange market’s management to monitor its activities and further its development. Not only, but he was responsible for supervising the local money and capital markets, as well as developing their infrastructure to promote their efficiency. As Head of the Monetary Policy Implementation Unit, Aboul Naga managed the implementation of the monetary policy, mainly through modeling and forecasting future liquidity conditions in the Egyptian banking sector.

Aboul Naga played a pivotal role in the discussions with the IMF and the implementation of the homegrown reform programme. His years of managing the Domestic Foreign Exchange market equipped him with the expertise to revamp the foreign exchange framework and successfully liberalise the foreign exchange regime.

Previously, as Sub-Governor of the Markets sector, he headed the Reserves Management, Treasury, and the Monetary Policy Implementation divisions, as well as Quantitative Modelling and Risk Analytics division. In April 2018, his scope was widened to include supervising the Foreign Relations and Investment sector, which included the External Debt, Back Office and Settlement division, as well as the Strategic Contributions divisions.

Aboul Naga has more than 18 years of experience in the banking sector. Prior to his time at the CBE, he worked in the Treasury department of the Commercial International Bank. He is a graduate of the American University in Cairo, with a Bachelor’s degree in Business Administration and a minor in Economics, and holds a Master’s of Science degree in Finance from City University, UK. He received numerous training courses and certificates from various international institutions, such as the World Bank, the Federal Reserve Bank, and the German Bundesbank, among others. He also recently attended the Leadership and Change Management Executive Program at Yale University and the Executive Leadership Program at Harvard Business School. Aboul Naga has been selected in 2017, 2018, and 2019 for Choiseul 100 Africa, which, according to the independent think tank, “identifies young African leaders of 40 years old and below, who will play a major role in the continent’s economic development in the near future”.