Egypt, IMF Talk FX Reform But No Pound Trading Yet


News that Egypt plans to overhaul its foreign exchange system doesn't mean that the Egyptian pound will be a factor in international forex markets anytime soon, market participants say. Although the partial flotation of the pound mandated by Egypt's negotiations with the IMF will mean that it will be valued closer to market rates, it still can't be traded.

John Swain, treasurer of National Bank of Egypt in London, confirmed that the Egyptian pound still remains an untradeable currency. "We've