Egyptian President Mohamed Morsi said the fall in Egyptian pound's exchange rate against U.S. dollar "doesn't worry or scare us," official MENA news agency reported Monday.
"In few days, the market will return back to its normal," Morsi said at a meeting with a group of Arab mediamen, several chief editors of Egyptian newspapers and leaders of TV and Radio Union who participated in the Arab media forum wrapped up Sunday.
Morsi attributed Sunday's rise in dollar prices to "heavy purchases," and noted that the government has taken measures to control the market by pumping cash.
"The market is going to be stabilized soon despite the sharp increase in U.S. dollar to Egyptian pound on Saturday," Morsi added.
Morsi delivered a speech Saturday at Shura Council, aiming at reassuring Egyptians about the economic situation and downplaying concerns over the current level of foreign currency reserve.