#Egypt central bank sees pound strengthening next week

Egypt’s central bank governor Hisham Ramez sees the Egyptian pound strengthening against the dollar next week, the state news agency reported on Thursday , Reuters reported

Egypt, which has suffered political and economic instability since President Hosni Mubarak was ousted more than two years ago, is struggling to curb a run on the pound, which at official rates has fallen by about a tenth against the dollar this year.
Its value on the black market is even lower, reaching around 8 pounds to the dollar in recent weeks.

“Starting from the coming week, there will be an improvement in the price of the dollar,” the state news agency quoted Ramez as saying.

He did not give a reason. But on Wednesday, Qatar said it would provide Egypt with an extra $3 billion in financial support, and the state news agency reported Libya would provide Cairo with a $2 billion interest-free loan. Ramez also said he did not expect the pound to weaken to as low as 10 to the dollar.

Separately, President Mohamed Mursi said on his Twitter feed that Egypt was working to stabilize the pound but that the issue “required some patience and a lot of work.”

https://www.arabfinance.com/News/newsdetails.aspx?Id=252440

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