A customer counts his U.S. dollar money in a bank in Cairo, Egypt March 10, 2016. REUTERS/Amr Abdallah Dalsh
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Egypt's central bank Governor Tarek Amer said the focus on defending the pound over the past five years was a "grave mistake," signaling the possibility of another devaluation after he weakened the currency by 13 percent in March. Amer, who took office in November, outlined views on the currency, the economy and monetary policy in three separate newspaper interviews published Sunday. In announcing the March 14 devaluation, policy makers also said they would adopt a more flexible exchange rate. However, the pound has been little changed in the central bank's weekly foreign-exchange sale.Egypt's main stocks index added 6.4 percent since the devaluation.
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