Egypt's c.bank governor says pound drop was a correction
- Economy
- Reuters
- Published Date: 09:01 | 21 March 2022
- Modified Date: 10:45 | 21 March 2022
Egypt's central bank governor Tarek Amer said the pound had undergone a "correction" that would make exports competitive and reflected world and local developments, after the currency fell nearly 14% on Monday.
He told a press conference that inflation in Egypt is imported and that local lenders are strong and have high liquidity levels.
The central bank aims at preserving foreign currency liquidity, Amer added.
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