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CBE to interfer 'in case of speculation'
The Egyptian Gazette Published in The Egyptian Gazette on 03 - 04 - 2011

CAIRO - The Central Bank of Egypt (CBE) will interfer in the foreign exchange market to support the local currency only in case of speculation, an official said, the official Middle East News Agency (MENA) reported Sunday.
"We will leave the exchange rate versus the US dollar to supply and demand powers, but if there is any kind of speculation the CBE will interfer as it did on February 8," Hesham Ramez, the CBE's deputy chairman, told a press conference Sunday after meeting with Egyptian Prime Minister Essam Sharaf.
Foreign reserves at the CBE totalled $33.2 billion at the end of February, Ramez said. The country's balance of payments posted a deficit worth $6 billion, he added.
The US currency Sunday stood at LE5.95, according to the CBE.

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