The Central Bank of Egypt (CBE) is developing an index of the Egyptian pound in order to abandon the peg of the national currency to the dollar, CBE Governor Hassan Abdalla says.
“…regardless of the dollar exchange rate, we have started working on the creation of an Egyptian pound index – it will take into account several currencies, possibly gold, and other metals,” Abdalla said at an economic forum on Sunday.
He pointed out that it is mainly the currencies of oil-producing countries that are pegged to the dollar, and Egypt is not among them.
“Part of our success is to change the impression that our currency is pegged [to the dollar],” the CBE Governor said.
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