BREAKING NEWS

Banker: Egypt Central Bank intervenes to boost pound

By ASSOCIATED PRESS

FEBRUARY 8, 2011 14:24

CAIRO — A banker says the Central Bank of Egypt has intervened to support the value of the Egyptian pound after the currency approached six-year lows.

The Egyptian pound closed on Tuesday at 5.870 to the U.S. dollar, rebounding sharply from the previous day's close of 5.9615 to the dollar.

John Sfakianakis, chief economist with the Riyadh, Saudi Arabia-based Banque Saudi Fransi, says there was no announcement about how much money the Central Bank pumped into the currency market, "but the intervention is pretty obvious."

The move comes as Egypt struggles to contain fallout from more than two weeks of protests that have rattled the economy as demonstrators call for President Hosni Mubarak's ouster.

Central Bank officials were not available to comment.

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