Devaluation of Egyptian pound may be postponed for two months: Citigroup ...Egypt

Expectations about a new official devaluation of the Egyptian pound before the end of the current fiscal year have declined, according to a report issued by the US leading bank Citigroup. Contrary to expert expectations, which suggest that the interest rate in Egypt will be raised and the Egyptian pound will be devalued against the US dollar, Citigroup’s Wednesday report stated that this step may be postponed for a month or two. This means it may not take place during the current fiscal year, ending on June 30. Bloomberg quoted the head of Central Europe, Middle East, and Africa (CEMEA) strategy at Citigroup Luis Costa as saying that a sharp depreciation of the pound before the end of the fi

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