Egypt Central Bank: currency float a success
Egypt’s decision to raise the price of the dollar against the Egyptian pound has been deemed a success, according to the Governor of Egypt’s Central Bank, Ismail Hassan.
These statements were revealed at a recent meeting of the Ministerial Economic Committee presided over by Prime Minister Atef Obeid, according to reports in MENA.
The Egyptian pound was recently raised from 3.95 to 4.15 pounds against the US dollar in an attempt to stabilize the nation’s money market and increase trade activity. In addition, Hassan stated, interest rates are also a major factor in the stabilization process.
However, other sources claim that there is in fact a discrepancy between the desired policies of Hassan and Economic Minister Yusuf Butrous Ghali.
According to some, Hassan did not in fact endorse the floating policy, as he has maintained publicly, whereas the Economy Minister has shown uninterrupted support of the measure. –(Mena Report)
© 2001 Mena Report (www.menareport.com)