World News

Saturday 2 August 2014

Egypt's central bank chief resigns

Published 22/12/2012|07:54

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Election workers empty a ballot box at the end of the second round of a referendum on a disputed constitution (AP/Nasser Nasser)

Egypt's central bank governor has resigned, state television has reported.

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Farouq el-Oqdah's resignation is the second such high-profile move.

Earlier, Vice President Mahmoud Mekki resigned, saying he realised that politics did not suit his professional background as a judge.

The brief TV report did not say why Mr el-Oqdah quit, but it ends days of media speculation about his intentions.

Islamist President Mohammed Morsi and his Prime Minister, Hesham Kandil, met Mr el-Oqdah earlier this week in what media reports said was an attempt to dissuade him from leaving.

His departure comes at a time when Egypt's pound has been losing value against the US dollar and the postponement of a deal with the IMF for a much needed loan of 4.8 billion US dollars (£3 billion).

Press Association

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