Egypt not tied to dollar, pound index to be conducted: CBE governor

CAIRO - 24 October 2022: Egypt is not tied to the dollar, especially since it is not an oil country, the Acting Governor of the Central Bank of Egypt (CBE), Hassan Abdalla stated Sunday.

 

"We are working to change the culture that we are tied to the dollar," he elaborated, adding that America is not a main trading partner with Egypt.

 

He noted during Egypt’s Economic Conference that the CBE enjoys complete independence, and at the same time there is coordination with the government and the private sector as well.

 

The CBE governor added that work is being done on more than one axis in the Central Bank, noting that the current global conditions are clearly continuing.

 

“The Egyptian pound index will be conducted taking into account several currencies, as well as gold,” he stated, revealing that work is currently underway on currency hedging contracts, while future contracts have been completed.

 

Regarding inflation, Abdalla said the central bank's main task is to control inflation and that the targeted rates will be announced by the end of the year.

 

The Egyptian Economic Conference 2022 kicked off on Sunday at Al-Massa Hotel in the New Administrative Capital to discuss the situation and future of Egypt’s economy amid consecutive economic crises across the world.

 

The Economic Conference, which runs from 23 to 25 October, is organized by the government with the directives of President Abdel Fattah El-Sisi and the participation of a large number of economic experts and intellectuals.

 

The conference agenda is packed with many sessions and events over its three days, according to three main tracks. The first track includes macroeconomic policies, while the second track focuses on empowering the private sector and creating a business environment.