Egyptian Pound Expected to Drop to 45-50 Against USD by August: Credit Suisse Report

Al-Marsad Newspaper: Economists revealed new expectations that carry unpleasant surprises about the path of the Egyptian pound against the US dollar.

The Swiss bank “Credit Suisse”, in a recent research note, expects the pound’s exchange rate to drop to between 45 and 50 pounds by the end of August, due to the slow pace of reform implementation.

Credit Suisse ruled out the possibility of Egypt defaulting on its obligations, saying: “Egypt still has reasonable reserves and enjoys strong support from the International Monetary Fund and the Gulf Cooperation Council countries.”