Egyptian President Abdel Fattah El-Sisi appointed Hassan Abdullah as acting head of the country's central bank on Thursday, the Egyptian State Information Service said.

"President Abdel Fattah El Sisi has issued a decree appointing Hassan Abdullah as acting governor of the Central Bank of Egypt," a statement said.

The former head of the Central Bank of the country, Tarek Amer, submitted his resignation on Wednesday, and El-Sisi accepted the resignation and appointed Amer as presidential adviser.

Since the beginning of the war in Ukraine and food chain disruptions, Egypt started to face a soaring increase in food prices. Consequently, the Egyptian government issued a decree that regulates the prices of subsidized and unsubsidized bread.

Read: Egypt facing issue of food security in light of Ukraine crisis

In March, Egypt started experiencing further inflation as the world took the impact of the deepening economic crisis which resulted from the war. 

In this case, Egypt issued a decree that regulated the prices of subsidized and unsubsidized bread. 

Cairo even rendered a three-month export ban in effect, prohibiting the import of seed and vegetable oils, corn, flour, wheat, beans, and beyond. 

On June 29, the World Bank revealed a $500 million loan to Egypt to improve food security in the country and to purchase a sufficient amount of wheat.