Dec 23 2012

Hisham Ramez appointed Egypt central bank governor

By Mohamed El Agamy 23 December 2012

President Mohammed Morsi has appointed Hisham Ramez the new governor of the Central Bank of Egypt, a senior official told Zawya."A presidential decree to appoint Hisham Ramez is expected to be issued as soon as the referendum on the constitution results are concluded," the official said on condition of anonymity as he is not authorized to speak to media.

Ramez is currently deputy governor of the CBE.

"According to the new constitution, a senior government official cannot take more than two terms in office. Dr. Farouk El Okdah, the current governor of the central bank has occupied this post for three consecutive terms," the person said.

Egypt's cabinet on Saturday denied a report that central bank governor El Okdah had resigned, Reuters reported.

After a long period of speculation that the governor wanted to leave his post, state television had said El Okdah had quit and Hisham Ramez had been appointed."It is not true," cabinet spokesman Alaa Hadidi told Reuters. "I am officially denying it."

Vice president Mahmoud Mekky resigned on Saturday while Egyptians voted in a referendum that is expected to approve a new constitution that lays the foundations for the country's transition to democracy.

"Ramez has met with president Morsi and has accepted the appointment, especially since he specializes in management of cash reserves, and has succeeded in stabilizing the foreign exchange market in Egypt over the past few months," the official told Zawya on Sunday.

The Egyptian foreign reserves fell from USD 36 billion before the revolution to USD 14 billion.

© Zawya 2012

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