CAIRO: Egypt’s military rulers on Saturday extended the term of central bank governor Faruk Al-Oqda for another four years, state media reported, amid political turmoil denting the country’s economy.
Oqda has already served two four-year terms.
Egypt is suffering from a sharp economic slowdown nine months after mass protests toppled the regime of president Hosni Mubarak.
In the latest sign of the economic damage wrought by the political unrest, Standard and Poor’s ratings agency on Thursday slashed its long-term rating on Egypt by one notch to ‘B+’.
Egypt starts its first parliamentary election since Mubarak’s ouster on Monday.
