Report: Egyptian pound to drop against the dollar

A British economic research firm said it expected the Egyptian pound to continue to fall to reach 8.25 Egyptian pounds to the dollar by the end of this year.

Capital Economic said in a report yesterday that the Central Bank of Egypt will need to allow the Egyptian pound’s value to fall to restore foreign competition.

Analysts say lowering the local currency value could support Egypt’s foreign exports and attract foreign investment, however on the other hand will increase the imports bill especially that for energy and food.