05:06 PM
Wednesday, January 25, 2023
I wrote – Shaima Hefzy:
A Reuters poll predicted, today, Wednesday, that the Egyptian pound will consolidate against the dollar during the next five months, before declining again.
18 economists participated in the survey, and the agency said that the participants expected the dollar price to drop from the current level of 29.8 pounds to about 26.24 pounds by the end of next June (the end of the current fiscal year).
However, the poll expected the dollar to rise again during the next fiscal year, to reach the level of 28.5 pounds by the end of June 2024.
The price of the pound fell against the dollar over the past year, after the Central Bank of Egypt allowed the dollar to move to the level of 32 pounds in early January, from the level of 15.8 pounds last March, before it returned to trading just below the 30-pound line.
