The governor of the Egyptian Central Bank , Farouq El-Oqda, denied Sunday reports of his resignation, describing them as falsified, state-run Arabic-language news website Al-Ahram reported.
"I did not resign ," El-Oqda announced to journalists following the Cabinet's economy group meeting that he attended Sunday.
On Saturday afternoon, Egypt's state television reported that El-Oqda had left his position. The Cabinet swiftly denied the news on its official Facebook page.
Hisham Ramez, a former deputy for El-Oqda and the current vice chairman and managing director of the Commercial International Bank (CIB), was reported as being El-Oqda's potential successor.
"El-Oqda might have been pressured to withdraw his resignation , as fears arose of the possible repercussion his stepping down might have on the country's fiscal stability," a CBE source who spoke on condition of anonymity told Ahram Online Sunday.
Rumours of El-Oqda's resignation already affected the financial market, pushing the Egyptian pound to further slide against the dollar to stand at LE6.18 to the dollar with analysts not expecting an upswing anytime soon.