Egypt’s newly designated central bank governor says signs of an easing of pressure on the local currency are emerging, with growing retail demand for the pound pointing towards stabilisation in the currency market.
In an interview with the Financial Times, Hisham Ramez, whose appointment was announced last week, insisted that the “worst is behind us”, as he predicted that fiscal reforms and an expected 4.8bn loan agreement with the International Monetary Fund would restore confidence in the country’s battered economy.
Worst behind us, says Egypt’s bank chief - FT.com
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