Egypt Cenbank Happy With Level Of Pound

Egypt’s central bank is comfortable with the current level of the Egyptian pound and does not target any particular rate for the currency, a sub-governor at the bank said on Wednesday.

“We are comfortable with the current currency valuation,” Nidal Assar, the bank’s sub governor for investment and foreign relations, said at an investment conference in Cairo.

He said the central bank does intervene in the currency “whenever we feel there is an excessive speculation on the market”.

Asked if they are targeting a particular currency rate, he said, “No. we don’t target the currency or the (foreign) reserves, as they are related.”

Reuters