The Egyptian President Mohamed Morsi has approved on Saturday the appointment of Hisham Ramez as governor of the Central Bank of Egypt as of Sunday February 3rd, 2013 for a term of four years.
After reviewing the Constitution and law no. 88 of 2003 promulgating the Central Bank, the Banking Sector and Money Law, the decree was submitted to Cabinet and Shura Council (upper house of parliament) which approved last week the nomination of Ramez as governor of CBE on January 27th, 2013.
Ramez will replace Farouk El-Okdah who has been governor of CBE from 2003 and resigned after the approval of the new constitution which states that a senior government official cannot take more than two terms in office and El-Okdah occupied this post for three consecutive terms.
