CAIRO: With Egypt's pound tanking against the dollar, reaching a five-year low, the country's central bank said it would not intervene to save the currency from losing more ground. The bank's deputy governor said in comments to local press that they are “not worried” over the currency movements. “We did not intervene in the currency market and we are not worried about the market,” Hisham Ramez said in comments to local newspapers. The Egyptian pound did recover slightly from five-year lows against the dollar last week after the US Federal Reserve said it would buy $600 billion of US government debt. “Just as the dollar rose in the week before last, it fell the week following against the pound, without intervention from the central bank in the exchange rate, which left it to the mechanics of supply and demand,” Ramez said. Egypt's central bank does not have target levels for the Egyptian pound, he said. “Our main strategy is, as long as the market moves with supply and demand, we are not really concerned. The most important thing for us as a central bank is a market that is working in an orderly manner,” Ramez said. “We don't really target levels,” he said when asked if the bank had exchange rate targets. “If you look at volatility in the dollar-Egyptian pound it is still very low compared to currencies in emerging markets,” he added. BM