VOL. XLV

No 3

21-January-2002

EGYPT

Central Bank Of Egypt DefendsStaged Devaluation Policy

Despite its recent moves todevalue the Egyptian pound, the official rate for the currency has failed tokeep pace with steeply falling black market rates and has only served tofurther undermine confidence that the government can handle its ongoingmonetary problems. Continued and widespread criticism of the actions of theCentral Bank of Egypt (CBE) prompted its Governor, Mahmud Abu al-'Uyun, to holda meeting...