Last Update 17:13
Friday, 19 October 2018

Hisham Ramez replaces Farouq El-Okdah as Egypt Central Bank governor

Former deputy central banker Hisham Ramez is appointed new head of CBE, replacing longtime bank governor Farouq El-Okdah; Latter insists his departure not linked to currency devaluations

Ahram Online , Friday 11 Jan 2013
Ramez
New Egypt Central Bank's governor, Hisham Ramez (Photo: Al-Ahram)
Share/Bookmark
Views: 6073
Share/Bookmark
Views: 6073

President Mohamed Morsi on Thursday named Hisham Ramez, a former deputy central bank governor, as the new head of the Central Bank of Egypt (CBE) after accepting the resignation of longstanding CBE governor Farouq El-Okdah, who has headed the bank since 2003.

Ramez will formally take up the position on 2 February. His first term will expire on 23 November 2015.

Ramez served as CBE number-two from 2008 to 2011, after which he briefly served as vice-chairman and managing director for Egypt's Commercial International Bank (CIB).

At a press conference at the presidential palace on Thursday, El-Okdah dismissed speculation that his resignation was  linked to recent devaluations of the Egyptian pound, stressing that he had tendered his resignation three weeks earlier because he had already exceeded his maximum eight-year mandate.

El-Okdah added that the CBE was the body that had initially suggested limiting the governor's tenure to two four-year terms in Egypt's recently-approved constitution.

At the conference, Ramez attempted to reassure attendees about Egypt's ongoing currency woes, saying "the current situation regarding the Egyptian pound is not a cause for much worry despite recent consecutive drops against the US dollar."

The Egyptian pound currently stands at 6.55 against the dollar.

It is expected that Ramez will maintain El-Okdah's longstanding monetary policies. El-Oqda has attempted to shore up the Egyptian pound against foreign currencies by tightening restrictions on currency speculation.

"I'm leaving the institution [the CBE] in safe hands," El-Okdah asserted at the conference.

Ramez, for his part, declared that Egypt's inflation rate was currently "stable." Annual inflation in December reached 4.7 per cent, representing slight growth over recent months, according to official data released Thursday.

El-Okdah, who worked with Ramez for nine years, has praised the latter's expertise as a banker.

In December, it was reported that El-Okdah had resigned for health reasons. Several days after the resignation reports, however, El-Okdah denied that he had stepped down, assuring that he remained central bank governor.

In 2011, El-Okdah received the "Central Bank Governor of the Year" award for the Middle East and North Africa on the sidelines of an IMF/World Bank meeting.

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
6



Mona Abdel-Aziz, Alex
11-01-2013 04:32pm
0-
0+
National Speech
Mr. Morsi need to tell us the truth about what happened and how to fix it?
Email
 
Name
 
Comment's Title
 
Comment
5



Khofoo, Giza
11-01-2013 04:30pm
0-
0+
Poltical Honesty
We must pay the price to solve this mess FJP party leaders put us in. The only solution is to increase taxes, cut subsidies, and be honest to people. It is blasmophy to lie in Islam. Our narrow, silly Charter must be rewritten by judges only.
Email
 
Name
 
Comment's Title
 
Comment
4



Khaled, Red Sea
11-01-2013 03:26am
2-
8+
who do you reprot?
Will you be reporting to Mr. Morsi mechancial engineer, or Mr. Kandel the hydrologist or Ftreasury minsiter specialized in ancient economy? It is ship without rudder. Down with FJP.
Email
 
Name
 
Comment's Title
 
Comment
3



Amourah Idris, Aswan
11-01-2013 02:56am
2-
6+
Lack of resolve
FJP and its supporters scared investors by Ownership new law based on the BH Charter. they simply do not trust the present rulers of wishfull thinking and dilusional. You messed it up!
Email
 
Name
 
Comment's Title
 
Comment
2



Khofoo, Giza
11-01-2013 02:53am
3-
5+
Tresury Minister
I attened some of his classes at U of Cairo. He is wuthority in "Historical Islamic Economy" not moder economy.who will control Cash Flow, second derivcatives,stock options, captial insentives, ... People must understand that FJP defaulted on its promise of utopia, even after death. Allah Kabeer Ya Beni Misr.
Email
 
Name
 
Comment's Title
 
Comment
1



Aladdin, Egypt
11-01-2013 02:50am
3-
4+
CHanging Policy; not people
FJP and BH Charter are to blame for the flight of foreign currency in response. Both men are respected technically. inestors need admission of gulit by FJP for their irresponsible new policy and lack of guts to raise taxes and cut subsidies. To hellfire we all go.
Email
 
Name
 
Comment's Title
 
Comment
Latest

© 2010 Ahram Online.