Egypt says not targeting specific exchange rate

Thursday, March 17, 2011 3:53 AM

(Source: Middle East Financial News)trackingEgypt'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."

(c) 2011 Middle East Financial News. Provided by ProQuest LLC. All rights Reserved.

A service of YellowBrix, Inc.


Follow iStockAnalyst on Twitter Follow iStockAnalyst on Twitter
Subscribe to Email Alerts

Comments Closed





Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.