Hassan Abdalla: Egypt’s central bank plans to launch currency hedged indicator

Egypt’s central bank plans to launch a currency hedged indicator as part of a hedging mechanism to protect against swings in the Egyptian pound, said Governor Hassan Abdalla on Sunday.

“We will make an index for the Egyptian pound through a group of other currencies in addition to gold in order to change the culture that we are linked to the dollar,” Abdalla said at the Egyptian Economic Conference (EEC 2022), without providing additional details.

He added that the central bank has also “finalised the forwards contracts for the currency, and is working on the hedging contracts.”