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Egypt's new currency gauge might be based on gold, central bank boss says
Egypt to develop New Currency Indicator to Wean People Off U.S. Dollar
By Patrick Werr, Mahmoud Murad, and Nayera Abdallah
Sunday, October 23, 1011
CAIRO -- Egypt will develop a new currency indicator partly to wean people off the idea that the Egyptian pound should be pegged to the U.S. dollar, the new central bank governor said today.
Hassan Abdalla, appointed in August, told an economic conference that the central bank was also working to introduce currency hedging and had already finished futures contracts as it revamps its currency trading system.
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The indicator would be based on a basket of several currencies and possibly gold, he said.
"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. "America is not my major trading partner. I don't know why people are always fixated on the dollar.
"Part of our success will be in changing the culture and idea that we are pegged. We want to be seen against every currency." ...
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