Egyptian central bank denies floating of pound
Egypt, Economics, 5/11/1999

The governor of Egyptian central bank, Ismael Hassan, denied news stating that high fronts in Egypt are studying the issue of floating the Egyptian pound, confirming that there is no study or even thoughts about changing the current system of foreign financing in Egypt.

He referred to statements quoted by Moro Micany, the representative of International Monetary Fund in Egypt, confirming that Egypt has no need currently to change its policy toward the exchange price in dealing with the retreat of the resources of foreign currency recently.

Micany described the recent rise of the dollar's exchange price against the pound as a small increase that does not exceed a few piasters and does not raise the fund's anxiety.

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