Business · Economy · 13 hrs ago
Egypt aims to make the pound convertible abroad within five years
Egypt aims to make the pound legally convertible abroad within about five years, Central Bank Governor Hassan Abdullah said.
That would allow people to exchange Egyptian pounds in other countries and open bank accounts there in the currency.
The central bank has started work on the change, though Abdullah said it will take time and face challenges.
The plan builds on Egypt’s move to a flexible exchange-rate system, which international financial institutions have recognised.
Egypt’s foreign currency reserves are $57.3 billion, and currently cover 102% of external obligations due within a year; the bank aims to keep coverage at or above 100%.
It is also seeking to improve reserve quality by holding highly rated assets, diversifying currencies and potentially including gold, while maintaining access to funds when needed.
Egypt aims to make the pound legally convertible outside the country within the next five years, Central Bank Governor Hassan Abdullah said.
The plan would allow the pound to be exchanged abroad and accounts to be opened in Egyptian pounds outside Egypt.
Abdullah said the Central Bank has begun work on the plan, which he said would extend over about five years and face challenges.
Egypt’s foreign currency reserves stand at $57.3 billion, and currently cover 102% of external obligations due within a year.
The Central Bank aims to maintain reserve coverage of at least 100% of those annual obligations.
- Who
- Egypt’s Central Bank, led by Governor Hassan Abdullah.
- What
- Egypt aims to make the pound legally convertible abroad within five years.
- When
- Within the next five years; no specific completion date was given.
- Where
- Outside Egypt, where the pound could be exchanged and Egyptian-pound accounts opened.
- Why
- To enhance international transactions in Egypt’s local currency.
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This story does not have a timeline yet.
- Target period
- About five years
- Foreign currency reserves
- $57.3 billion
- Reserve coverage of annual external obligations
- 102% currently
- Minimum coverage target
- 100% of annual obligations
- Forum
- Egypt 2026 Forum