Egypt's cabinet denies Central Bank governor resigns

Egypt's cabinet on Saturday night denied that Central Bank Governor Farouk al-Okda had submitted his resignation earlier in the day, official MENA news agency reported. The cabinet said that Okda left Cairo to Paris Wednesday in a private visit, and is scheduled to come back later Saturday. The state TV reported that Egyptian President Mohamed Morsi had met with Hesham Ramez, Commercial International Bank (CIB) chairman who once was deputy governor of the Central Bank, for consultations. Ramez is one of the most renowned financial experts worldwide and is seen as the strongest candidate to become the central bank governor. Official media reported last week that Okda, who led Egypt's Central Bank for nine years, would resign by the end of 2012 for health reasons.