CAIRO - Governor of Egypt's Central Bank Farouk al-Okda submitted his resignation Saturday, Egyptian state TV reported.

The state TV said that Egyptian President Mohamed Morsi has met with Hesham Ramez, Commercial International Bank (CIB) chairman who once was deputy governor of the Central Bank, for consultations.

Ramez is one of the most renowned financial experts worldwide and the strongest candidate for the vacant post.

Last week, official news said that Okda, who led Egypt's Central Bank for nine years, would resign at the end of 2012 due to health reasons.