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KARACHI, April 7: Two senior bankers will leave here on Tuesday for Cairo to share Pakistan’s experience with the central bank of Egypt on how to tackle widening gap between official and kerb rates and to shore up the sinking Egyptian pound.
The Egyptian pound has depreciated by more than 15 per cent since it was floated on January 28, 2003.
Comprising Farhat Saeed, executive director, State Bank and Hanif Akhai, head of the HBL treasury and a former SBP adviser, the two-member team will try to gather details of the market conditions and hold talks with Egyptian officials before putting initial recommendations, say the SBP sources.
