The “Economist" magazine revealed that the Egyptian pound continued to be one of the best-performing currencies in emerging markets against the dollar-driven by the improvement of foreign exchange sources.
The “Economist” also expected an improvement in the performance of the pound against the dollar in the coming years, compared to the levels before the Corona crisis in 2019 when the dollar exchange rate reached 16.82 pounds, as the performance of the pound is expected to improve by 4.5 percent, to reach the dollar to 16.06 pounds in 2020, and 4.3 percent to reach 16.10 pounds in 2021, and is expected to improve by 5.1 percent to reach 15.97 pounds in 2022, 5.8 percent to reach 15.85 pounds in 2023, and 6.4 percent, to reach 15.74 pounds in 2024.
The "Economist" praised the stability of net international reserves last June, which led to an improvement in the performance of the Egyptian pound against the dollar. At the same time, it is expected that the tourism, export and services sectors will begin to gradually recover after 2021, revealing that the restoration of confidence in the availability of hard currency will contribute to attracting foreign investors, especially at the beginning of 2022.
The magazine touched on Fitch's reference to the Egyptian pound being among the best performing emerging market currencies until August, indicating that it has witnessed stability against the dollar, and is expected to remain relatively stable until the end of the year despite the sharp decline in emerging market currencies.
Source (Al-Sharq Al-Awsat newspaper, Edited)
