Egypt Official Says No Plan to Peg Pound to Basket of Currencies

(Bloomberg) — Egypt has no plans to peg its pound to a basket of currencies, an official with direct knowledge of the matter said, denying a report in state-run media.

Ahram Online cited the head of the Egyptian parliament’s Planning and Budget Committee, Fakhry El-Fiqi, as saying the country is expected to reach an agreement with the International Monetary Fund to peg its currency to the dollar, euro, pound sterling and others, as well as gold.