New Egypt forex peg only valid as short-term fix

- Central Banking staff
- 29 Jan 2001

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Egypt's introduction of a "managed peg" for pound-dollar rates may restore exchange rate stability in the short term but will be unsustainable and counterproductive in the long term, analysts said on Jan. 29, 2001. Under the new system the central bank will set a central exchange rate with dealers allowed to quote rates one percent above or below it. The central rate will be calculated by means of a weighted average of all transactions over the preceding three weeks. The first such rate, at 3.85

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