{"id":326399,"date":"2022-10-24T06:41:25","date_gmt":"2022-10-24T06:41:25","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=326399"},"modified":"2022-10-24T06:41:25","modified_gmt":"2022-10-24T06:41:25","slug":"cbe-to-launch-a-new-egp-index-based-on-gold-basket-of-currencies-official","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2022\/10\/24\/cbe-to-launch-a-new-egp-index-based-on-gold-basket-of-currencies-official\/","title":{"rendered":"CBE to launch a new EGP index based on gold, basket of currencies-official"},"content":{"rendered":"<p>The Central Bank of Egypt (CBE) is working on setting an index for the Egyptian pound that will be linked to a basket of gold and other currencies besides the US dollar, the CBE\u2019s acting governor Hassan Abdalla said on Sunday.<\/p>\n<p>Abdalla made his comments during his participation in the first day of Egypt\u2019s Economic Conference which kicked off on Sunday under the auspices of Egypt\u2019s President Abdel Fattah El-Sisi who was also present.<\/p>\n<p>Abdalla explained that since Egypt is a non-oil exporter there was no need to peg its local currency to the US dollar, adding that the CBE is aiming to change this concept.<\/p>\n<p>CBE also plans to launch a currency hedged index as part of a hedging mechanism to protect against swings in the Egyptian pound, he added.<\/p>\n<p>\u201cThe central bank is currently working on the currency hedging mechanism.\u201d Abdalla said at the Egyptian Economic Conference (EEC 2022).<\/p>\n<p>He added that the central bank has also \u201cfinalised the forwards contracts for the currency, and is working on the hedging contracts.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Egypt (CBE) is working on setting an index for the Egyptian pound that will be linked to a basket of gold and other currencies besides the US dollar, the CBE\u2019s acting governor Hassan Abdalla said on Sunday.<\/p>\n","protected":false},"author":2,"featured_media":326400,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,33],"tags":[],"class_list":["post-326399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - 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