Egypt Central Bank Says Shorouk Report on Pound ‘Incorrect’ c.2011 Bloomberg News
Dec. 6 (Bloomberg) -- Egypt’s central bank said a report in Al Shorouk newspaper that it may stop supporting the Egyptian pound in the next few months is “incorrect.”
Nidal Assr, head of foreign reserve management at the central bank, commented by telephone. He declined to elaborate.
The central bank has “done its part so far” and the government must prepare an economic plan to encourage overseas investment to counter the negative effects of a devaluation, the Cairo-based newspaper cited an unidientiied bank official as saying.
To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatallabloomberg.net
To contact the editor responsible for this story: Shaji Mathew at shajimathewbloomberg.net
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