File photo: CGTN

CAIRO, Nov. 28 (Xinhua) -- Egypt's House of Representatives on Thursday approved by a two-third majority the renewal of the term of the Central Bank of Egypt Governor Tarek Amer, state-run Ahram newspaper reported.

Egyptian President Abdel Fattah al-Sisi decided on Monday to extend the term of Amer, which ended on Nov. 27, for a second four-year term until 2023.

In June, Amer won the "Central Bank Governor of the Year in Africa" award for his work "in restoring faith in Egypt's markets and contributing to making it one of the fastest growing economies in the world and one of the best performing emerging markets," Ahram online news website said.

Under his service, the Egyptian local currency restored 10 percent of its value against the U.S. dollar in one year, from 18 pounds against one dollar in 2018 to 16 pounds in 2019.