Egypt's c.bank governor says pound drop was a correction

Egypt's central bank governor Tarek Amer said the pound had undergone a "correction" that would make exports competitive and reflected world and local developments, after the currency fell nearly 14% on Monday. He told a press conference that inflation in Egypt is imported and that local lenders are strong and have high liquidity levels.

The central bank aims at preserving foreign currency liquidity, Amer added.