Now is not the time to float Egyptian pound: c.bank governor

Egypt’s central bank governor stated on Wednesday that it was not the right time to talk about floating the Egyptian pound, which has come under growing pressure in recent months.

“It is not possible to discuss the flotation of the pound now… but a devaluation depends on what the bank sees at the appropriate time, ” Tarek Amer said in comments carried by the state news agency MENA.

Expectations of a devaluation and a shift to a more flexible exchange rate have grown in recent weeks as the pound has come under increasing pressure on the black market amid an acute shortage of hard currency.

Source: Reuters