19 February 2013

Egypt: Haddad - Egyptian Pound Will Not Collapse

President's Assistant for Foreign Relations Essam Al-Haddad underscored on Monday 18/2/2013 that the Egyptian pound will not collapse and that it is now stable.

He added in an interview with Reuters that he does not expect any further retreat in the Egyptian pound's exchange rate after losing more than 8 per cent of its value against the dollar since the beginning of the year.

He said "I believe the Egyptian pound reached stability, adding that as long as the retreat is gradual, so it will not affect the market."

"We should be keen on avoiding a full retreat or collapse, a matter which will not happen in the near future, and we hope the Egyptian pound would refurbish," he further noted.

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