Egypt Independent

Central Bank governor denies resignation

Central Bank of Egypt Governor Farouk al-Oqda denied on Sunday that he had submitted his resignation, and said he is still carrying out his duties.

Oqda refuted the news after a meeting of the economic ministerial committee, presided over by Prime Minister Hesham Qandil at the Cabinet. The ministers of planning and international cooperation, investment, industry and trade, petroleum and electricity attended.

Presidential sources had said Saturday that Oqda submitted his resignation to President Mohamed Morsy and nominated three possible successors: Federation of Egyptian Banks head and National Bank of Egypt chairperson Tareq Amer, Banque Misr head Mohamed Barakat and Commercial International Bank Managing Director Hesham Ramez.

Rumors about Oqda's resignation came after an announcement earlier this month that Morsy would issue a declaration to amend the 2003 presidential decree governing the CBE. It has thus far not been issued.

The anticipated amendment would reduce the number of board members and grant the president the right to nominate the next governor without the usual recommendations from the prime minister.