No government intervention in monetary policy

Egypt's cabinet stated on Wednesday it does not intervene in monetary policy following comments by the investment minister on the Egyptian pound value.

Ashraf Salman, the investment minister, told the Euromoney Egypt conference on Monday that 'there is no choice but to devalue the pound' as the dollar is gaining strength compared to other currencies.

'The central bank is solely entitled to decide on monetary and currency policy...the government does not at all interfere in either the currency policy or the monetary policy," read the cabinet statement.