The Egyptian pound has showed some sings of revaluation, for the first time in three months, the Egyptian pound strengthened against the US dollar, gaining 0.7%, trading at EGP 17.95/USD on 3 July 2017. The three largest public banks, namely the National Bank of Egypt, Banque Misr, and Banque du Caire traded the local currency at EGP 17.89/USD, EGP 17.95/USD and EGP 17.95/USD respectively. Beltone Financial forecasts that the Egyptian pound will gain between 1-1.5% by December 2017 due to the maintained level of foreign currency liquidity. Furthermore, the report indicates that the downward pressures on the Egyptian pound will gradually decline in the future, as the supply and demand dynamics settle. The report forecasts that the rate of the appreciation of the Egyptian pound will be mild over the next three years.

Source: Daily News Egypt July 05, 2017 15:33 UTC