The Central Bank of Egypt (CBE) is developing an catalog of the Egyptian pound to be able to abandon the peg from the national currency to the buck, CBE Governor Hassan Abdalla says.
“ … regardless of the money exchange rate, we have started working on the creation of the Egyptian pound index – it will take into account several currencies, possibly gold, and other alloys, ” Abdalla said in a economic forum on Weekend.
He remarked that it is mainly the currencies of oil-producing countries that are pegged to the dollar, and Egypt is not among them.
“ Part of the success is to change the impression that our currency is pegged [to the dollar], ” the CBE Governor said.
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