President Mohamed Morsy has commended efforts exerted by outgoing governor of the Central Bank of Egypt Farouq al-Oqda to serve Egypt's best interest.

Morsy accepted the resignation of al-Oqda in line with the provisions of the newly enacted constitution, a statement by presidency said on Thursday 10/01/2013.

Egypt's new constitution states that the term of CBE governor shall be four years that can be renewed for another term.

Morsy also approved the nomination of Hisham Ramez for the post as of February 2, 2013, in line with the provision of the law, the statement added.

"We cannot forget what was achieved by the CBE board of directors during the past ten years was achieved by the CBE board of directors during the past ten years", Al Oquda said noting that Ramez was deputy of the bank's governor from 2008 to 2011.

Al-Oqda expected that Ramez will achieve stunning success for the banking sector.