Mr. Rami Aboulnaga holds the position of Deputy Governor of the Central Bank of Egypt (CBE) since November of 2019. He oversees the Markets, Monetary Policy, Foreign Relations, Economic Research, in addition to Banking Operations, Information Technology and Payment Systems Sectors.
Since joining CBE, Mr. Aboulnaga oversaw the prudent management of the CBE's foreign reserves, as well as spearheading negotiations with financial institutions and other central banks to attract foreign investments into the Egyptian market.
Mr. Aboulnaga played a pivotal role in the discussions with the IMF and the implementation of the homegrown reform program, along with leading the discussions with credit rating agencies in their quest to determine the Egyptian economy’s status.As Sub-Governor of the Markets Sector, he headed the Reserves Management, Treasury, and Monetary Policy Implementation divisions, as well as the 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 divisions, as well as the Strategic Contributions division until he was nominated Deputy Governor the year after.
Among the achievements of Mr. Aboulnaga as Deputy Governor of the Central Bank of Egypt is the advancement of the Egyptian Fintech industry, and the development of locally-relevant innovations to foster the adoption of digital financial solutions. In light of addressing the needs of the underserved segments to access financial products and services in a way that supports digital transformation, and enhancing Egypt's role as a globally recognized Fintech hub for the Fintech and innovation industry.
Mr. Aboulnaga has supervised the implementation of the Fintech and Innovation Strategy, launched by the CBE, which include the establishment of the Fintech and Innovation Hub Grid, as well as the establishment of the Fintech Fund Nclude. In addition, he supervised the implementation of the digital transformation methodology and business automation in the CBE and banking sector. He also supervised the development and modernization of telecommunications infrastructure, information technology systems, and data security.
Under his leadership, many significant payment projects at the local and international levels were achieved, the most important of which are the multi-currency Real Time Gross Settlement (RTGS) system and the Instant Payment Network (IPN). Also, a lot of amendments were conducted on the legal and regulatory frameworks of the Egyptian payment systems and services to cater for the digital transformation, the most important of which are the payment systems and financial technology chapter in the Central Bank and Banking Sector new law issued in 2020, as well as the mobile payments regulations issued in 2021. He also set the foundation of the Data Science and Advance Analytics Hub as a center of excellence at the CBE to ensure the continuity of development and leverage of economic policies, as well as assisting in the decision-making process.
Mr. Aboulnaga is the Chairman of the Board of Directors of the Egyptian Central Securities Depository (ECSD) since its establishment in December 2020 to date, the Egyptian Banking Company for Technological Advancement (EBC), and a Board Member in CI Capital and Egypt Post, amongst other entities.
Mr. Aboulnaga has over 20 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.
Furthermore, he participated in numerous training courses, seminars, and conferences at various international institutions, such as the World Bank, the Federal Reserve Bank, and the German Bundesbank, among others. He also joined the Leadership and Change Management Executive Program at Yale University and the Executive Leadership Program at Harvard Business School.
Mr. Aboulnaga 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” and was awarded a Professional Achievement Award from the British Council in Cairo in 2020.
