New Details on Egypt’s Upcoming Launch of Pound Index to End Dollar Crisis

If you remember that, about 6 months ago, Hassan Abdullah, Governor of the Central Bank, announced that Egypt was preparing to launch the pound index. New details of interest to all of Egypt about the expected strike from the Central Bank, which, if it happens, will completely end the dollar crisis and make dependence on the American currency recede in favor of other currencies that are lower in price and more available.

The countdown to announcing the Egyptian pound index has begun, and within a few days all the details of the subject will be announced. According to banking sources, the new pound index is expected to be launched during next July as part of the Central Bank’s efforts to control the exchange rate and end the black market for the dollar, which has a very big impact on the market. And the Egyptian economy in general.
Ok someone will ask and say what is this pound index?
Look, sir, the Egyptian pound index, which Egypt seeks to create for the first time in its history, aims to measure the value of the pound against a basket of currencies and other elements such as gold. I mean, the price of the pound will not be pegged only to the US dollar, not even the euro or the pound sterling, and the pound index is similar to the stock index or inflation index
This indicator gives the average value of the pound against the currencies of countries according to the weights of the countries and their importance to Egypt, and shows the rise or fall in the value of Egyptian products compared to the products of other countries.
And if this subject of the pound index is completed and a decision is issued to create an index for the Egyptian pound in the coming period, then this will be the first time that the Egyptian pound breaks its historical link with the US dollar.
And the launch of an index to measure the performance of the currency applied in many countries, and it contains several major indicators of currencies such as the US dollar index, the pound sterling, and the Canadian dollar, and the index is created to include a basket of currencies with a different relative weight in order to find a realistic exchange rate instead of relying on a major currency such as the dollar The American.
The main goal of launching an index for the pound is to change the mental image of citizens, which links the exchange rate of the Egyptian pound to the dollar, and what encouraged thinking about this issue is that Egypt does not have to link the price of the pound to the dollar, like the Gulf countries that link the price of their currency to the US dollar because their economy is established On exporting oil to global markets in exchange for importing a wide range of strategic commodities, weapons and modern technology from the United States of America.