Egypt central bank refuses to intervene
The central bank
did not intervene last week to help the Egyptian pound recover from a
five-year low against the U.S. dollar, and is not targeting exchange
rate levels for the currency, the deputy governor said on Sunday.
The pound fell to
its lowest levels since June 2005, last week, against the dollar, but
rebounded on Thursday, after the U.S. Federal Reserve said it would buy
$600 billion of government debt to spur the U.S. economy.
The pound slid to
5.7770 to the dollar, around 5 percent weaker than at the start of the
year. It is now trading around 5.7140 to the greenback.
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