USD/EGP CAN NOW STABILISE AT THE 50.00 MARK – ING
Egypt’s central bank hiked rates by 600 bps causing the Egyptian Pound (EGP) to drop almost 40% versus the US Dollar (USD) to the 50.00 mark. Economists at ING analyze USD/EGP outlook.
Key reforms point to Egyptian Pound stabilisation
Egypt's 600 bps rate hike and subsequent FX devaluation from the Egyptian central bank point to significant reform progress, with an improved IMF deal agreed following the recent announcement of investment from the UAE.
We think USD/EGP can now stabilise at the 50.00 mark before a gradual transition to a more free-floating exchange rate materialises.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.