Standard & Poor’s Global Credit Rating Agency predicts a potential devaluation of Egypt’s pound by half its current value to secure the remaining IMF package, citing a report. The agency expects the pound to align more closely with the parallel market rate of approximately 60 pounds per US dollar.
Clarity on exchange rate policy could boost trade, economic growth, and remittance flows, according to the agency, while the Central Bank of Egypt has maintained the official exchange rate at 30.9 pounds to the dollar since March, despite the pound’s decline in the parallel market.
