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.

1Like our page
2Share
 

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