Mahmoud Selim, head of investment banking at HC Securities & Investment, said that the expected devaluation of the
Egyptian pound will affect many sectors in the EGX.
He predicted the CBE would devaluate the
Egyptian pound in the coming quarter of 2016, especially after the positive IMF report on the government reform programme, which puts it a step closer to the requested $12bn loan, which would be received over a three--year period.
The CBE devalued the
Egyptian pound on 14 March by 112 piastres, recording EGP 8.85 per US dollar.
Meanwhile, the US dollar remained stable against the
Egyptian pound in the Central Bank of Egypt, recording EGP 16.69 for buying and EGP 16.79 for sale.
While the move to float the
Egyptian pound has obviously had an adverse impact on inflation, the weakness in the currency is thought to have attracted tourism to Egypt.
The right rate for the pound should be
Egyptian pound 9 to the U.S.
The Oil Ministry's website shows the current price of gas for households at 0.20
Egyptian pounds ($0.03) per cubic metre, or about $0.80 per million British thermal units (mmbtu).
"I want to revive the note of
Egyptian Pound after it was replaced by a metal coin in 2005 and started to fall into disuse from 2012," he regretted.
at 2,000
Egyptian pounds a tonne,' a statement by the Trade Ministry said.
In addition, the central bank appears to be easing its rigid exchange rate stance, as the
Egyptian pound has slightly declined against the dollar to about [pound]E3.53.
The US dollar continued its downturn against the
Egyptian pound on Monday, shedding about 3 piasters, bringing the average on the interbank market and in banks to EGP 16.78 for buying and EGP 16.88 for sale, compared to EGP 16.81 for buying and EGP 16.88 for sale on Sunday.
The
Egyptian pound has remained relatively stable during morning transactions at major banks on Tuesday, trading at around LE 17.87 for buying and LE 17.96 for selling.
Global Banking News-November 9, 2016--National Bank of Kuwait says profit would outweigh fall in value of
Egyptian poundThe
Egyptian pound strengthened on both the official and black markets on Wednesday as concerns the country faced sustained instability eased further, traders said.
