Hisham Ramez resignation from his post as governor of the Central Bank of Egypt (CBE) last Wednesday raised important questions in the banking market regarding the extent of legality of his decisions or actions until the day he leaves on 26 November.
According to Rokaya Riyad, Chief Legal Sector of the Federation of Egyptian Banks (FEB), all the decisions and actions Ramez will take until his tenure expires on 26 November will be 100% legal.
She explained to Daily News Egypt that accepting his resignation by President Abdel Fattah Al-Sisi on Wednesday does not mean he left office that same day but that he will leave officially on 26 November.
She added Al-Sisi’s decision was clear regarding appointing Tarek Amer as the governor of CBE, where he will take office starting from 27 November, which means that until then Ramez will remain a governor with full responsibilities.
According to Riyad, Amer’s presence at CBE’s headquarters in the upcoming days will be only to arrange the situation within the bank or to study the files he will take responsibility of and other usual procedures in preparation before he officially takes office.
The market has been awaiting Ramez’s exit from CBE on time; however, his resignation 35 days prior raised many questions, which he tried to answer on his Facebook account.
Ramez posted an explanation on Facebook, a simple explanation to the resignation o his tenure as a CBE governor which was scheduled to expire on 3 February, 2017, while that of CBE’s board of directors ends in November.
He said that over three months ago, he asked to leave by the end of the board’s tenure and his resignation was accepted effective of 26 November, 2015.
