Egypt official says no plan to peg Pound to basket of currencies

Egypt official says no plan to peg Pound to basket of currencies

Egypt has no plans to peg its pound to a basket of currencies, an official with direct knowledge of the matter said, denying a report in state-run media.

Ahram Online cited the head of the Egyptian parliament’s Planning and Budget Committee, Fakhry El-Fiqi, as saying the country is expected to reach an agreement with the International Monetary Fund to peg its currency to the dollar, euro, pound sterling and others, as well as gold.

The official asked not to be identified so they could discuss a sensitive matter.