Egypt keeps central bank governor for third term

Farouk El-Okdah is chosen for another four-year spell at the central bank, days after raising interest rates to defend the local currency

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Egypt's ruling military council has decided to keep Central Bank governor Farouk El-Okdah in office for a third four-year term, a Central Bank statement said on Saturday.
The council also appointed Gamal Negm and Lobna Helal as deputy governors.
US-trained banker Okdah became governor in December 2003 after his predecessor, Mahmoud Abul-Eyoun, oversaw a trouble-free flotation of the pound during his two years in the job.
The Central Bank unexpectedly raised interest rates on Thursday for the first time in more than two years, acting after depleting its foreign reserves trying to defend a local currency weakened by street violence and political chaos.
Investors have been rattled by violent clashes in Cairo and other cities between security forces and protesters demanding an immediate end to military rule, days before the scheduled start of a parliamentary election on Monday.