Egypt Changes Central Bank Chief in Fight to Boost Pound

Egypt appointed Hisham Ramez to take over as governor of a central bank that’s fighting to preserve public confidence in the pound after it plunged to a record low.

President Mohamed Mursi approved the nomination of Ramez late yesterday after accepting the resignation of Farouk el-Okdah. The outgoing chief said he had planned for some time to retire. Ramez will take charge on Feb. 3 and serve until November 2015 if the appointment is backed by Egypt’s upper house of parliament.