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Central Bank Chief Seen Signaling Another Egypt Devaluation

  • Egypt has two choices: defend pound or get factories working
  • Central bank chief says March’s devaluation ‘corrective move’
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Egypt Seen Devaluing Currency Again

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Egypt’s central bank Governor Tarek Amer said the focus on defending the pound over the past five years was a “grave mistake,” signaling the possibility of another devaluation after he weakened the currency by 13 percent in March.

Amer, who took office in November, outlined views on the currency, the economy and monetary policy in three separate newspaper interviews published on Sunday. He said authorities can no longer delay measures that would control the use of foreign currency. Under his leadership, the central bank is focusing on reviving the economy rather than stabilizing the exchange rate, he said.