On Sunday, the new central bank governor for the bank of Egypt announced that the country will begin to develop a new currency indicator to wean people off of the idea that the Egyptian pound should be pegged to the U.S. dollar, as part of a revamping of the currency.
The indicator would be based on a basket of several currencies and possibly gold, Hassan Abdalla, Egyptian Central bank Governor, announced on Sunday.
“It is for the sake of the idea of pegging — and I’m not talking about the price, I’m speaking about the idea,” he said. “America is not my major trading partner. I don’t know why people are always fixated on the dollar.
“Part of our success will be in changing the culture and idea that we are pegged. We want to be seen against every currency.”
Egypt is now joining the rapidly growing list of countries that are moving away from the dollar and it should concern you. The dollar has been the world reserve currency since WWII. The U.S. losing the world reserve currency status is going to make inflation significantly worse over the coming months and years.
Over the past few months I have gone into a lot of detail on what the dollar being the world reserve currency means and what it means when the world begins to dump the dollar. You can find those articles below. It is critical that you are informed and prepare because we are in for a very bumpy ride in the near future.
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