“…regardless of the dollar exchange rate, we have started working on the creation of an Egyptian pound index – it will take into account several currencies, possibly gold, and other metals,” Abdalla said at an economic forum on Sunday.

He pointed out that it is mainly the currencies of oil-producing countries that are pegged to the dollar, and Egypt is not among them.

“Part of our success is to change the impression that our currency is pegged [to the dollar]”, the CBE Governor said.