12 January 2013

Egypt: CBE Governor - High Dollar Exchange Rate Is Not a Source of Concern

Hisham Ramez, the new governor of the Central Bank of Egypt (CBE) said the high exchange rate of the US dollar in the face of the Egyptian pound should not represent a source of concern.

Ramez said the national economy is capable of bringing everything to normal when the wheel of production starts to move, adding the exchange rate had faced much more risks in 2003 than these days.

Ramez stressed that the CBE managed to adopt the proper monetary policy which pushed the Egyptian pound to recover.

On the other hand, Ramez left for London yesterday on a visit to the United Kingdom.

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