Egypt’s ruling military council has renewed the tenure of Farouk El-Okda, the Central Bank of Egypt (CBE) governor, for another four years, and also reshuffled some members of the bank's board of directors, the CBE said in a statement Saturday.
Lobna Helal and Gamal Negm were appointed as deputy governors, also for a four-year term.
The reshuffle in the CBE's board of directors came in accordance with new regulations enacted in October. The number of board members was cut from 15 to nine, to include the governor, two deputies, the head of the Egyptian Financial Supervisory Authority, a representative of the minister of finance, and four members to be appointed by Egypt’s president.
The four appointed members are to be chosen for a term of four years, subject to renewal. In order to avoid conflicts of interest, members must not be working for or affiliated to any commercial banks, financing companies or professional advisory services.
Several prominent business and finance figures became ineligible to continue in their CBE board membership, including presidents of major banks in Egypt such as Hassan Abdalla of the Arab African International Bank; Abdel Salam El-Anwar of HSBC Egypt; Mohamed Barakat of Banque Misr and Tarek Amer of the National Bank of Egypt.
Farouk El-Okda, who starts his third year of a four-year term on 27 November, became governor in December 2003 after his predecessor, Mahmoud Abul-Eyoun, oversaw a trouble-free flotation of the pound during his two years in the job. In 2011, El-Okda received this year's award for "Central Bank Governor of the Year" for the Middle East and North Africa.
The new structure of the CBE board is as follows:
Farouk El-Okda: Governor
Gamal Negm: Deputy Governor
Lobna Hela: Deputy Governor
Ashraf El-Sharkawy: Head of the Financial Supervisory Authority
Momtaz El-Said: Representative of Ministry of Finance
Mahmoud Abdel Fadil: Economy Expert
Moataz Morsy: Law Expert
Laila El-Khawaga: Economy Expert
Alaa El-Shazly: Finance and Economy Expert