Central bank appointment gets warm welcome

EGYPT - Cairo bankers have reacted positively to the appointment of Mahmoud Abul-Ayoun to the post of governor of the Central Bank of Egypt.

Abul-Ayoun, who has served as deputy governor since 1999, has been credited with initiating a number of key policy moves in recent months, including the August devaluation, and has developed a strong working relationship with the country's senior bankers.

"It is a very good move," says a senior executive at one of the four public sector commercial banks. "

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