Egypt’s Central Bank Governor, Hassan Abdalla, announced on 23 October that Cairo is looking to develop a new currency indicator in order to “change the culture that we are linked to the [US] dollar.”
“We will make an index for the Egyptian pound through a group of other currencies in addition to gold in order to change the culture that we are linked to the dollar,” Abdalla said at an economic conference in Cairo. He didn’t provide additional details about the system.
“It is for the sake of the idea of pegging – and I’m not talking about the price, I’m speaking about the idea,” he said. “[The US] is not my major trading partner. I don’t know why people are always fixated on the dollar,” the central bank governor went on to say.
“Part of our success will be in changing the culture and idea that we are pegged. We want to be seen against every currency.”
Poster Comment:
Egypt and Saudi Arabia are joining BRICS.