Al-Marsad Newspaper: The Egyptian expert in economic affairs, Abu Bakr El-Deeb, revealed 3 scenarios for the Egyptian pound against the dollar after the end of March.
El-Deeb said that the first scenario is the trend towards a 10% depreciation of the Egyptian pound against the dollar, with continued pressure on it during the current period.
Abu Bakr El-Deeb indicated that the pound fell again in non-deliverable futures contracts for a period of (12 months), to record between 37.9 pounds and 38 pounds per dollar, according to data reported by “Bloomberg” agency, while indications are increasing of the return of hard currency scarcity in the market, as well as A number of international investment banks, such as Credit Suisse, expect the dollar to rise to levels that may reach 35 pounds in the short term.
He pointed out that the second scenario maintains a slight rise in the value of the pound against the dollar and other foreign currencies.
And he added that the third scenario includes fixing the price of the pound against the dollar, in the event that the state possesses sufficient dollar liquidity to face the crisis and manipulate prices, according to “Russia Today.”
He also expected the Central Bank of Egypt to raise interest rates by 200 to 300 basis points until the end of the current fiscal year in June 2023, in light of the expectations of the US Federal Reserve to raise interest by 0.5% at its next meeting at the end of March.
