Farouk El-Okdah Denies Resigning From CBE

The Governor of the Central Bank of Egypt (CBE) Farouk El-Okdah denied what was published that he resigned yesterday. El-Okdah affirmed to the press at the Cabinet’s office after the meeting of the Economic Policies Committee, but he declined to give more details.

Egypt’s state television had said Okdah had quit and his former deputy, Hisham Ramez, had been appointed to the post. However, the cabinet spokesman Alaa Hadidi told Reuters that “It is not true..I am officially denying it.”

El-Okdah was named the Governor in December 2003, following Mahmoud Abul Enein who floated the Egyptian pound for two years. El-Okdah was given a second term by a presidential decree in 2007.