HSBC projects further devaluation of EGP in Q1 2024

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The bank’s previous forecasts for the exchange rate in for Q1 2024 were between EGP 35 and EGP 40 per $1

Staff Writer, Arab Finance

December 17, 2023

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The UK-based bank HSBC expected a further devaluation of the Egyptian pound during the first quarter (Q1) of 2024, which could range between EGP 40 and EGP 45 against the US dollar, Ahram Online reported, citing a report by the bank.

The bank’s previous forecasts for the exchange rate in for Q1 2024 were between EGP 35 and EGP 40 per $1.

This devaluation is expected to facilitate the completion of the International Monetary Fund's loan program, the report read.

The bank highlighted that adjusting the Egyptian pound exchange rate is part of a shift toward a more flexible exchange rate regime.

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