Cairo – Mubasher: The Egyptian pound (EGP) is likely to get traded at EGP 14-15 per dollar in the fiscal year 2016/17, said Pharos Research Thursday in a research note.
This anticipation is based on a group of positive data, including a significant decline in commercial banks’ bid-ask spreads following the exchange rate liberalization on 3 November 2016, the research firm noted.
In addition, the central bank’s governor earlier revealed that $7.5-8.0 billion flowed into the Egyptian banking system in terms of FCY deposits and foreign portfolio investments in EGX and treasuries.
Moreover, the Central Bank net international reserves rose to $24.3 billion (5.2 months of imports) by the end of December 2016, Pharos concluded.
