Egypt - Prime Minister Mostafa Madbouly announced that the Egyptian pound could see a fluctuation of 4% or 5% in the near future, as per a statement.

Speaking at a press conference on November 30th, Madbouly emphasized the importance of avoiding past mistakes, specifically the belief that a fixed exchange rate signifies economic strength.

He noted that this mindset previously led to a currency float, resulting in a 30% to 40% depreciation of the EGP.

Madbouly explained that the pound’s exchange rate had already moved within a 4% to 5% range since its flotation, attributing this to normal shifts in dollar demand. He expects similar movements going forward.

Recent market conditions have seen the pound fall to around EGP 49.8 against the USD, marking its lowest level since a March devaluation

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