World Bulletin / News Desk
The chairman of the state-owned National Bank of Egypt (NBE), the country's largest bank by assets, has resigned from his post and his resignation accepted by the prime minister, the cabinet said in a statement on Saturday.
Prime Minister Hisham Kandil accepted the resignation of Tarek Amer on Saturday, the statement said. It did not explain the reasons behind the move. Amer could not immediately be reached for comment.
Amer has held the post since 2008, and was responsible for major administrative and financial restructuring of the bank during his 5-year post, the cabinet statement said.
The NBE, established in 1898, was the last of Egypt's four main state-owned banks to bring in managers from the private sector, in a reform process that began with Banque du Caire in 2000. The banks had struggled under four decades of state bureaucracy.
Amer brought in 140 new senior managers and 1,500 junior managers after he took up his position in April 2008.
Given all the uncertainty, investors were pricing in a chance of a rate cut with some analysts expecting the Bank of England to consider quantitative easing to cushion the economy
The Egyptian stock index was down 5.8 percent in early afternoon.
The pound sterling sees its lowest level against the the US dollar in over 30 years
A subsequent survey that included people of all ages found that somewhat older Americans also are skeptical of capitalism.
California is now the sixth largest economy in the world, surpassing France thanks to a robust state economy and the strength of the US dollar.
Overnight lending rate gets cut by 50 points to 9 percent, while overnight borrowing rate remains unchanged at 7.25 percent
Says 2016 business report 'clear indicator' it is improving its economic record despite fall from 46th to 49th
Turkish Cypriot leader says negotiations on federal system close to completion
Britain votes on June 23 on whether to stay in the 28-member bloc, a choice with far-reaching consequences for politics, the economy, defence and diplomacy on the continent.
1 in 18 families has a member who left Greece after 2010, and 12 pct of new refugees are older than 40
Surplus during Jan.-May period stood at $3.1 billion, says finance minister
Remote, impoverished town expects well-to-do Chinese buyer to spur its fragile economy
Austrian company is to have 75 percent of total stakes of Turkish company after agreement concluded
Apple, Microsoft, Alphabet, Cisco and Oracle hold about $504B, approximately one-third of all corporate cash in the United States
The Fund's head says 'corruption has a pernicious effect on the economy'