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Fitch says Egypt's new currency regime brings more transparency
- Egypt: Sunday, January 06 - 2013 at 05:10
Fitch has said the Egyptian central bank's new currency regime brings greater transparency to the method by which the exchange rate is determined, Ahram has reported. On December 30, the apex lender said it would hold periodical currency auctions to local banks to help conserve the nation's net foreign reserve which the central bank said had fallen to critical levels. "The central bank can change the frequency and size of auctions giving it some control over the exchange rate but making its interventions transparent," Fitch said.
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