Cairo – Mubasher: the forward exchange rate of the Egyptian pound against the US dollar is expected to reach EGP 10.5 by the fourth quarter of 2016, according to Bank of America Merrill Lynch.
The Central Bank of Egypt has kept recently the Egyptian pound against the US dollar at the level of EGP 7.82, while it is now trading at closer to 8.5 per dollar on the black market.
In its latest report "Global Economic Prospects: Spillovers amid Weak Growth", the World Bank lowered its expectation for the economic growth rate in Egypt for the fiscal year 2015/2016 by 0.7% compared to its forecast last June, warning of the implications of the Russian jetliner's crash for the tourism industry and foreign currency shortage.
