CBE not to change monetary policy due to Brexit

Ramy Abul Naga, an assistant undersecretary at the Central Bank of Egypt, has ruled out possible impacts on the monetary policy of the CBE due to Britain's exit from the EU.

Brexit might influence the stock market, Abul Naga told MENA, believing money markets are more stable.

The UK's leave vote has triggered "violent" reactions from major and emerging money markets alike, Abul Naga said, expecting a quick return to normal.

According to him, the leave vote could affect the performance of the stock markets, with directors of international funds acting to cut investments in high-risk tools, such as shares, and invest in safer tools, such as gold and treasury bonds and bills.