Banque du Caire chairman does not intend to resign

Banque du Caire Board Chairman Mohamed Barakat denied Tuesday reports alleging that he tendered his resignation. In statements to MENA Tuesday, Barakat said he was surprised when his employees spoke about news on his intention to resign or move to another bank. Barakat dismissed such allegations as bare of truth and stressed "I am staying in office and have no intention to go to another bank." He called for plugging such rumors in such a delicate stage. "Egypt is surpassing a sensitive stage and such rumors could cause grave harm to the Egyptian economy," he said. He insinuated that such rumors were directed against the new Central Bank Governor Hisham Ramez whom he deemed as one of pioneering banking experts in Egypt. On Monday, National Bank of Egypt (NBE) Board Chairman Tareq Amer tendered his resignation to the government after leading the bank for five years.