CAIRO, Dec 22, 2012 (AFP) -
CAIRO, Dec 22, 2012 (AFP) –
The governor of Egypt’s Central Bank, Faruq El-Okda, resigned on Saturday, state television reported, after days of speculation that he would step down for health reasons.
State television reported that Okda, the bank’s head since 2003, might be replaced by his deputy, Hisham Ramez. It did not say why he had stood down.
Okda’s resignation comes amid economic turmoil in the country, which has seen its foreign reserves dwindle and foreign investment shrink two years after an uprising overthrew president Hosni Mubarak.
An IMF loan expected to boost the economy has also been delayed as Mubarak’s successor Mohamed Morsi battles a renascent opposition movement that has resorted to mass rallies to put pressure on the Islamist leader.