The Financial Times said the changes announced Sunday had been expected and are meant to soothe anger over economic hardship.
Morsi replaced Finance Minister Mumtaz al-Saeed with Morsi el-Sayed el-Hegazy, an Islamist finance expert.
Ahram Online said Hegazy is a professor of public finance at Alexandria University and has no political background.
Ahram Online said Hegazy announced he was ready to complete discussions with the International Monetary Fund concerning a $4.8 billion loan deal designed to stabilize the economy.
Morsi also issued a decree Saturday establishing a council dedicated to improving the economy.
'Happy' fan videos make Pharrell cry [VIDEO]
Pregnant Mila Kunis wins 'Best Villain' at MTV Movie Awards