Egypt names a new central bank governor amid an economic crunch

Egypt's president has named a new head for the country's central bank, after the resignation of the longtime chief amid a crippling economic crisis and pound devaluation.

Hesham Ramez will replace Farouq el-Oqdah, who has been the bank's governor for nine years, according to presidential spokesman Yasser Ali.

Al-Okdah said Thursday he submitted his resignation, in line with the newly passed constitution.

Ramez, who was previously vice chairman for the Commercial International Bank, one of Egypt's largest private banks, steps into post at a time when the Egyptian currency has fallen to new lows against the dollar and foreign reserves have shrunk by more than half over the past two years to what the bank says is a "critical minimum level."