Global Courant 2023-04-27 18:20:49
In a poll published by ReutersOn Thursday, economists expect the value of the Egyptian pound against the U.S. dollar will drop to LE34 by the end of December 2023.
According to the poll, the dollar will continue to rise to LE35 by the end of December 2024 and to LE35.07 per dollar a year later.
The price of the dollar is trading near the LE31 threshold at official banks after the Central Bank of Egypt released the pound in March.
This was a requirement of the International Monetary Fund.
Since the Central Bank adopted a flexible exchange rate that reflects the state of supply and demand in the market.
The local currency has lost about half its value, while investment banks still see the need to further devalue the pound in the face of the dollar shortage.
Egypt agreed with the International Monetary Fund in December 2022 on a financing program of about four years, worth USD 3 billion, but has not yet conducted the first evaluation of the program, which was scheduled for March 2023.
In April, the International Monetary Fund said it had not yet set a date for the first review of Egypt’s economic program.
This is in preparation for the payment of the second tranche of the loan.
Analysts have attributed the delay to the Egyptian government’s slow procedures to implement its economic program.
