Eyptian central bank chief resigns

Eyptian central bank chief resigns

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

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

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.

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