Cairo – Mubasher: Egypt is developing an indicator for the Egyptian pound that will be based on a basket of currencies and gold and not the US dollar alone, Ahram Gate reported. 

The remarks were made on Sunday by the Acting Governor of the Central Bank of Egypt (CBE), Hassan Abdalla, during his participation in Egypt Economic Conference 2022, taking place from 23-25 October 2022. 

Abdalla, appointed last August, revealed that the local currency had made several gains against other currencies. For example, it increased by 100% against the Turkish lira, yet still, the focus is only on the US dollar.

He further explained that Egypt is not an oil exporting country, hence there is no need to peg its local currency to the US dollar, emphasising that the CBE aims to change this idea.

He added that the CBE’s primary mission is to get inflation under control.

Egypt’s President Abdel Fattah El-Sisi attended on Sunday the opening session of the conference, which aims to discuss the conditions and future of the country's economy.

Egypt's Prime Minister, Mostafa Madbouly, along with ministers, intellectuals, economists, and representatives of political parties, also attended the conference.

The conference is organised by the Egyptian government in the New Administrative Capital (NAC), with the aim to draw up a roadmap for the future of the Egyptian economy within the coming period.