In the face of large and growing external imbalances, the Central Bank of Egypt (CBE) chose to defend the Egyptian pound during last year’s political and economic turmoil. The CBE allowed the exchange rate, which is formally defined as a “managed float,” to depreciate by only 3%.
面临重大且不断恶化的外部失衡的埃及中央银行选择在去年的政治和经济动荡时捍卫埃及镑。埃及央行只让汇率——按官方定义，埃及镑是“管理浮动”的——贬值了3%。保持汇率稳定被视为比防止外汇储备减少更重要的事情。