Tags: Egypt Unrest | egypt | morsi | currency | fall

Egypt's Morsi Says He's Not Worried by Currency Fall

Monday, 31 Dec 2012 05:23 AM

 

CAIRO — The Egyptian pound's fall to a record low does not worry or scare the government and the situation will "balance out within days," President Mohammed Morsi was quoted as saying by state news agency MENA on Monday.

Morsi made the remarks during a meeting with Arab journalists on Sunday evening, MENA said.

Separately, the head of the Egyptian banking federation described a system of foreign exchange auctions introduced by the central bank on Sunday as an "important first step" towards a free float of the pound.

Tarek Amer, who is also chairman of Egypt's largest bank, state-owned National Bank of Egypt, said the new system was a success on its first day and had "significantly reduced" demand for dollars.

© 2015 Thomson/Reuters. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

US-Led Airstrikes Slam ISIS Targets in Syria and Iraq

Thursday, 29 Jan 2015 22:20 PM

The United States and coalition partners launched six airstrikes against Islamic State (ISIS) targets in Syria and 12 mo . . .

Islamic State's Egypt Wing Claims Attacks That Killed 27

Thursday, 29 Jan 2015 20:03 PM

Islamic State's Egypt wing claimed responsibility for a series of attacks that killed at least 27 on Thursday in some of . . .

Jordan Still Holding Prisoner Demanded by ISIS as Deadline Passes

Thursday, 29 Jan 2015 19:36 PM

Jordan said on Thursday it was still holding an Iraqi would-be suicide bomber as a deadline passed for her release set b . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved