Egypt Central Bank Says To Float Currency

Egypt central bank says to float currency

CAIRO, Nov 3 (Pakistan Point News - APP - 03rd Nov, 2016 ) - Egypt's central bank said Thursday it was floating the country's pound as part of a raft of reforms aimed at shoring up confidence in the economy. The bank said in a statement it had moved to a "liberalised exchange rate... to create an environment for a reliable and sustainable supply of foreign currency". Egypt has been struggling to boost its foreign Currency reserves in the political and economic turmoil following the January 2011 uprising that toppled former ruler Hosni Mubarak.