During that period, according to Abdel Aal, the pound is expected to improve and range between EGP 15.5 and EGP 17 against the US dollar. This step included getting rid of the fixed exchange rate and adopting the floating exchange rate system, in the aftermath of which the pound’s price against the dollar decreased by about 42%. The continuation of this phenomenon would also strengthen the pound against the dollar,” according to Abdel Aal. “All these chances stand as possible success elements supporting the Egyptian economy and consequently, they would lead to the improvement of the pound’s rate,” according to Abdel Aal. The most prominent weaknesses that could negatively affect the pound, according to Abdel Aal, is the continuation of open currency positions in companies.

Source: Daily News Egypt January 21, 2017 17:28 UTC