Cairo – Mubasher: The Central Bank of Egypt (CBE) is forecast to devalue the Egyptian pound (EGP) within hours, said Beltone Financial in a Sunday’s report.
The EGP exchange rate is expected to range between 11.5 and 12.5 per dollar, the report indicated.
Further, the firm expected the country’s foreign reserves to increase to $18.5 billion by the end of September, aided by the UAE deposit and the International Monetary Fund’s (IMF) loan.
Earlier, Egypt reached an initial agreement with the IMF to obtain a three-year $12 billion loan.
