A Central Bank of Egypt (CBE) official has ruled out any CBE intervention in the foreign exchange market following the recent weakening of the Egyptian pound against the US dollar, reported Al-Masry Al-Youm, citing Hisham Ramez, deputy governor of the central bank.

The EGP traded as low as 5.759 to the USD on Monday, its weakest level since January 2007.

Some traders told Reuters last week the central bank might be letting the pound weaken as it bought dollars to build foreign reserves which it could use to cope with any market volatility before elections.

The pound had previously remained stable around the 5.70 level since late August.