Egypt’s central bank governor quits post

Egypt’s central bank governor quits post

Resignation follows that of Egyptian Vice President Mekki, amid currency fluctuations and postponement of $4.8 billion aid deal with the IMF

CAIRO (AP) — State television Egypt’s central bank governor resigned late Saturday.

Farouq el-Oqdah’s resignation is the second such high profile move on Saturday. Earlier on the day, Egyptian Vice President Mahmoud Mekki resigned, saying he realized that politics did not suit his professional background as a judge.

The brief TV report did not say why el-Oqdah quit, but it ends days of media speculations about his intentions. Islamist President Mohammed Morsi and his Prime Minister Hesham Kandil met with 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.

Copyright 2012 The Associated Press.

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