Egypt’s central bank has ruled out plans to intervene further to stabilize its pound, which was floated in November. The governor, who has termed last month's decision as historic, says the bank will allow market forces to stabilize the currency. Egypt abandoned its peg of 8.8 pounds to the U.S. dollar, in a bold move that has since seen it roughly halve in value. Ditching its currency peg, however, helped Egypt secure a $12 billion three-year loan from the International Monetary Fund. The steep depreciation in the pound has reduced imports and dramatically increased prices. Egypt has struggled to revive its economy since the 2011 unrest scared off investors and tourists -- key sources of foreign currency.
