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FINANCIAL NEWS
Egypt central bank tries to support local currency
09 Feb 2011
(MENAFN) The Deputy Governor of Egypt’s central bank, Hisham Ramez, said that the bank is trying support the Egyptian pound to exceed the dollar for the first time since the political unrest all over the country, reported Gulf News.
Ramez said that the local currency dropped gradually since the protests started in the country and recently it stood at six-year low.
The bank intervened in the market in an attempt to restore confidence before the stock market, which was closed since the beginning of the protests, reopens next week.
Ramez said that the bank intervened through selling pounds to Egyptian banks in order to raise the value of the currency then bought them later at a higher rate. This process made it possible for the bank to raise the value of the Egyptian pound without falling into foreign reserves. The intervention was estimated to be between USD1 billion USD1.6 billion.
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