Head of Egypt's Central Bank submits resignation

The governor of Egypt's central bank, Faruq el-Okda, has reportedly resigned and will be replaced by his deputy Hisham Ramez, according to President Mohammed Morsi’s spokesman, Yassir Ali, speaking at a news conference on Thursday. Well-informed sources told Arabstoday that negotiations had been in effect for three days before Okda’s resignation announcement. His replacement by Ramez, also the Managing Director of the International Commercial Bank, has been seen by analysts as a response to Okda’s lack of control over Egypt’s financial sector, currently in turmoil. According to sources Ramez’s acceptance was taken on conditions, including closing the upcoming International Monetary Fund [IMF] loan, leaking of foreign reserve exchange as well as increasing dollar prices. Preliminary meetings have already taken place between Okda, Ramez and other senior financial figures, led by head of the Bank of Egypt Mohamed Barakat and head of the National Bank of Egypt Tarek Amer to discuss a stabilising exit strategy.