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Egypt says not targeting specific exchange rate

Thursday, March 17, 2011 3:53 AM

(Source: Middle East Financial News) tracking

Egypt's central bank has said it is prepared to allow the Egyptian pound to fall gradually in coming months if demand for the currency was to decrease, and that it was not targeting a specific exchange rate, Reuters has reported. "Our policy is always that we don't target prices" for the currency, Hisham Ramez, the central bank's deputy governor told the news service. "Our policy is that we need the market, that prices be reflected by supply and demand."

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Egypt says not targeting specific exchange rate

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