Egypt's central bank governor says pound depreciation not worrying

Egyptian central bank governor Hisham Ramez has sought to calm local market nerves following a surprise 2.5 percent weakening of the Egyptian pound against the U.S. dollar over recent days.

The central bank allowed the currency to depreciate by 20 piasters in its official foreign exchange auctions on Thursday and Sunday, driving it to its lowest level against the dollar since auctions began in 2012.

However, in a television interview on Sunday night, Ramez said the pound's fall should not alarm anyone.