- Life Style
Central Bank of Egypt Governor Farouk al-Oqda has resigned from his position, sources from the president's office reported Saturday.
The Cabinet, however, has denied any such reports.
The announcement comes on the heels of a report last week by Turkish news agency Anadolu, which reported that Oqda informed President Mohamed Morsy of his intention to leave his post by end of December, insisting that his original resignation, which he submitted in June, be accepted.
Speaking on condition of anonymity, sources told Anadolu that Oqda has nominated three potential successors for Morsy to choose from: Federation of Egyptian Banks head and National Bank of Egypt chairman Tareq Amer, Banque Misr head Mohamed Barakat and Commercial International Bank Managing Director Hesham Ramez.
President Mohamed Morsy had met with Ramez earlier on Saturday, raising the possibility of Ramez becoming the bank's next governor.
Cabinet interference in the bank's appointments was seen as detrimental for the bank's policies, since the Cabinet sets short-term financial policies while the Central Bank usually eyes more long term policies concerned with the exchange rate, determining the size and rate of growth of the money supply and banking sector laws, among other things.