Published on Dec 30, 2012
http://www.euronews.com/ Egypt is taking urgent action to avoid a currency crisis and prevent a messy devaluation.
After appealing to people to go easy on exchanging the local pound for US dollars, the central bank is holding auctions to control currency movements.
It says foreign reserves have fallen to a "minimum and critical level". Figures show they have plunged to 15 billion dollars (11.34 billion euros), covering only three months of imports.
The pound has weakened significantly recently and the credit worthiness of Egypt and its banks has been lowered.
...After appealing to people to go easy on exchanging the local pound for US dollars, the central bank is holding auctions to control currency movements.
It says foreign reserves have fallen to a "minimum and critical level". Figures show they have plunged to 15 billion dollars (11.34 billion euros), covering only three months of imports.
The pound has weakened significantly recently and the credit worthiness of Egypt and its banks has been lowered.
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