Devaluation of Egyptian pound may be postponed for two months: Citigroup - News Summed Up

Devaluation of Egyptian pound may be postponed for two months: Citigroup


Expectations about a new official devaluation of the Egyptian pound before the end of the current fiscal year have declined, according to a report issued by the US leading bank Citigroup. Contrary to expert expectations, which suggest that the interest rate in Egypt will be raised and the Egyptian pound will be devalued against the US dollar, Citigroup’s Wednesday report stated that this step may be postponed for a month or two. This means it may not take place during the current fiscal year, ending on June 30. “In comparison, the pound’s 12-month contract was at 43.3 per dollar, signaling expectations of a steep devaluation eventually,” Bloomberg stated. The Egyptian pound price has been officially fixed in Egypt at about LE30.9 since March 20, after losing about half of its value since March 21, 2022.


Source: Egypt Independent May 12, 2023 09:42 UTC



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