Egypt's finance minister denied saying he expected the US dollar to fall more than 4 per cent against Egypt's pound by the end of 2007, a daily said on Sunday.
‘Finance Minister Youssef Boutros-Ghali denied ... making any statements about the drop or depreciation in the price of the dollar ... because it moves according to the mechanics of supply and demand,’ the newspaper said. The finance ministry had no immediate comment.
A state-run weekly magazine had quoted Boutros-Ghali last week as saying he expected the US dollar to drop by around 4 per cent against the Egyptian pound by the end of 2007 without a negative impact on exports. The report prompted a flurry of foreign buying of the Egyptian currency, causing the dollar to fall 200 points to 5.500 pounds to the dollar.
(source : Ministry of Finance)