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Egyptian Central Bank plans to establish new index of gold, foreign currencies

The Egyptian pound is performing poorly against the US dollar but faring better compared to other currencies.
An Egyptian woman walks past an exchange store in Cairo on Jan. 6, 2013.

The Central of Bank of Egypt is working on a new index consisting of gold and foreign currencies aside from the US dollar. The bank’s acting head, Hassan Abdalla, revealed the plan Sunday at an economic conference in the country, the state-owned Al-Ahram reported. 

What is it: Countries use indexes of foreign currencies to measure how their own currency is performing. The US dollar Index, for example, consists of the euro, Swiss franc, Japanese yen, Canadian dollar, British pound and Swedish krona. 

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