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Egypt’s Ismail Says Central Bank to Fix Currency Crisis Soon

  • Prime minister says past currency moves had negative results
  • Government also studying ‘progressive taxation,’ Ismail says
Updated on

The central bank will unify the Egyptian pound’s official and black market exchange rates as soon as possible, Prime Minister Sherif Ismail said, boosting expectations that policy markers will devalue the currency ahead of an expected International Monetary Fund loan.

The regulator is studying the problem and will act in the right time, the state-run MENA news agency cited Ismail as telling parliament on Monday. Past exchange-rate moves were done without the right tools and with negative results, Ismail said, without elaborating.