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Egyptian pound's further devaluation is expected, adding pressure to the economy
Posted on December 26, 2023 |
The value of the Egyptian pound against the US dollar is expected to decrease further, causing problems for Egypt's struggling economy amid conflicts in the Gaza Strip and Sudan.
HSBC, a bank from the UK, predicts that in the first quarter of 2024, the US dollar will be worth between 45 and 50 EGP in Egypt.
This is different from their earlier prediction of 35 to 40 EGP per $US 1.
The expected drop in currency value is seen as a way to make it easier to complete a loan program with the International Monetary Fund (IMF).
Last October, Egypt's Central Bank introduced new rules for the currency exchange rate, letting market forces decide the value of the pound.
Even though the government is trying to reduce reliance on the US dollar, there are still challenges.
The local market and investors are struggling because there aren't enough US dollars available.
To get more foreign money and meet the IMF requirements, the government is selling state-owned assets, including businesses owned by the army.
This is part of a plan to reduce control over the economy by the government.