CAIRO: Egypt’s deputy Central Bank governor said the bank had no target for the Egyptian pound and the level of the currency would depend on supply and demand, state news agency MENA reported on Sunday.
"The central bank’s strategy is clear," MENA cited Hisham Ramez as saying.
"Our goal is not the price, but leaving it to supply and demand." Ramez said the central bank would "intervene firmly" in cases of speculation on the pound, as it did on Feb. 8 during protests that led to the toppling of president Hosni Mubarak.
Before the revolt, the central bank had foreign currency reserves of $36 billion, falling to $33.2 billion at the end of February, said Ramez. He added that he expected reserves to fall further, without giving a figure.
