CAIRO Jan 10 Egypt's newly named central bank
chief sought to reassure investors on Thursday there was no need
to be worried about the situation on the Egyptian currency
market, saying the bank had "all the tools" to intervene if it
Political unrest at the end of last year has sent the
Egyptian pound to record lows as people rushed to buy
hard dollars fearing a messy devaluation.
"The matter is not out of control. On the contrary, at any
time we can control it," Hisham Ramez told reporters shortly
after President Mohamed Mursi named him as the new governor.
"The central bank has all the tools to enable it to
intervene at anytime it feels there is speculation or anything
against the market."
Ramez, a former deputy central banker, is expected to assume
his duties on Feb. 3 after Mursi accepted the resignation of his
predecessor, Farouk El-Okdah, the presidency said in a
Ramez's appointment has to be approved by the upper house of
parliament, which holds legislative powers until Egypt votes for
a permanent new lower house in an election expected in the next
The upper house is dominated by Mursi's Islamist supporters.
"We are looking at prices constantly. The situation is not
out of control. There is no cause for concern," Ramez said.
"What concerns the central bank is that the market is normal
and balanced. As the price rises it also falls. Supply and
demand ... are what are necessary."