Egypt plans to untie its currency from the dollar

CAIRO, October 24, 2022, 08:47 — REGNUM Egypt will develop a new currency indicator to wean the country from pegging its national currency to the US dollar, Hassan Abdallah, the head of the country’s central bank, said Oct. 23, according to Reuters.

Abdallah told an economic conference that the central bank is also working on introducing currency hedging and has already completed work on futures contracts in the process of reviewing its currency trading system.

The new indicator will be based on a basket of multiple currencies and possibly gold, he said, as the US is not Egypt’s main trading partner and Egypt is not an oil-producing country whose currencies are mostly pegged to the dollar. .

“I don’t know why people are always obsessed with the dollar,” the head of the Central Bank said. “We want to be seen against the backdrop of every currency.”

In recent months, the Egyptian pound has appreciated against the euro, the British pound and the Turkish lira.

“But people don’t see all this,” Abdullah said at the conference.

Presidents of South Korea and Egypt discussed bilateral cooperation

SEOUL, October 21, 2022, 08:26 — REGNUM On October 20, South Korean President Yoon Seok-yeol held telephone conversations with Egyptian President Abdel-Fattah al-Sisi, with whom he discussed bilateral cooperation. This is reported by Yonhap News, citing representatives of the administration of the South Korean leader.

The head of the South Korean state expressed satisfaction with the achieved level of cooperation in the fields of nuclear energy, defense industry and industrial construction. He urged his interlocutor to provide all possible support to South Korean companies operating in Egypt.

In turn, Abdel-Fattah el-Sisi welcomed the entry into the Egyptian market of South Korean companies operating in the field of energy, electric vehicles and shipbuilding.

He recalled that Egypt will host the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27) in November. Yoon Seok Yeol expressed his willingness to cooperate in this area, promising to send a representative to the conference.