Bloomberg News

Egypt’s Central Bank to ‘Safeguard an Orderly’ FX Market

December 13, 2011

(Updates with a quote from the central bank in the third paragraph.)

Dec. 6 (Bloomberg) -- Egypt’s central bank said today it will “safeguard an orderly” foreign exchange market after denying a newspaper report that it may stop supporting the Egyptian pound.

El Shorouk newspaper cited a central bank official it didn’t identify as saying that the regulator may stop supporting the currency in the next few months. The pound has weakened 3.3 percent against the dollar this year, according to data compiled by Bloomberg, after a popular revolt that toppled President Hosni Mubarak.

“The Central Bank of Egypt denies the announcement published by El-Shorouk newspaper on Dec. 6, 2011, regarding the exchange rate and foreign reserve,” the regulator said in an e- mailed statement. “The central bank would like to underscore that it continues to safeguard an orderly foreign exchange market which has been the case since the launch of the foreign exchange inter-bank market in December 2004.”

--Editors: Claudia Maedler, Inal Ersan

To contact the reporters on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net; Alaa Shahine in Dubai at asalha@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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