Egypt's pound fell about 4% to 24 against the dollar as trading resumed on Sunday, Refinitiv data showed, after authorities committed to a flexible exchange rate under an International Monetary Fund support deal.
a "durably flexible" exchange rate in conjunction with a staff-level agreement for a $3 billion IMF extended fund facility.
In a note on Thursday, JP Morgan said it considered the pound to be fairly priced, and that it expected a gradual adjustment to 23.5 to the dollar by the end of the year. Egypt has been struggling to cope with the impact of the war in Ukraine, which led to rapid outflows of portfolio investments, a hike in the commodity import bill and a drop in tourism revenues.and bottlenecks at ports."Moving forward, it is essential that Egypt follows through on its promise for currency flexibility rather than managing future deprecation and allowing imbalances to build back up," said Patrick Curran, a senior economist at Tellimer.
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