Egypt central bank sets new monetary policy plan

Egypt's central bank governor has announced details of instruments that would be introduced under a new monetary policy which would encourage greater transparency in the market. Earlier in October we reported that Egyptian President Hosni Mubarak was set to take supervisory control of the central bank in a bid to deal with a $2.6bn bad debt problem affecting local banks.

Mahmoud Abu el-Ayoun told a news conference that the policy, approved by the central bank's board of directors, would be

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