Egypt to Develop New Currency Indicator to Wean People Off US Dollar

Egypt to Develop New Currency Indicator to Wean People Off US Dollar
Governor of the Central Bank of Egypt Hassan Abdalla arrives at IMF headquarters during the Annual Meetings of the International Monetary Fund and World Bank in Washington on Oct. 15, 2022. James Lawler Duggan/Reuters
Reuters
Updated:

CAIRO—Egypt will develop a new currency indicator partly to wean people off the idea that the Egyptian pound should be pegged to the U.S. dollar, the new central bank governor said on Sunday.

Hassan Abdalla, appointed in August, told an economic conference that the central bank was also working to introduce currency hedging and had already finished futures contracts as it revamps its currency trading system.