Central Bank of Egypt Governor Tarek Amer has ruled out floating the EGP anytime soon, while hinting that he might resort to devaluation “at the appropriate time,” according to a statement by Amer following a meeting with the House of Representatives’ Economic Affairs Committee to discuss monetary policy, Al Mal reported on Wednesday. Before the Eid break, Amer had said that holding the EGP at a specific exchange rate in the past was a “big mistake,” which caused speculation to mount over a potential devaluation and fueling a rise in equities.

As for his views on how to address the weakening economy, he reckoned that floating the shares of state-owned companies on the EGX, tax reforms (including passing the value-added tax) and improving the investment climate are three key measures to help with growth. The committee has asked Amer to provide data on Egypt’s external debt position; Amer is expected to have another meeting with the committee next week, MP Medhat El Sherif told Al Mal.