Egypt’s Central Bank Will Float Nation’s Currency When Foreign Reserves Hit $25 Billion

Egypt’s Central Bank Governor, Tarek Amer, has revealed that plans to float the country’s currency will not commence pound until foreign reserves hit $25 billion or $30 billion from the current $16.48 billion. The 2011 uprising that ousted the former leader, Hosni Mubarak, toppled the country’s economy as it is now under foreign currency deficiency. This has been attributed to the reduced number of tourists and investors in the country.cEgypt has however managed to hold the pound steady despite an overwhelming pressure to devalue it.