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Thndr Claps » EGY Claps » Economy 🏙 » JPMorgan’s analysts expect EGP devaluation💱

JPMorgan’s analysts expect EGP devaluation💱

by Shams Abbas
March 9, 2022

According to JPMorgan analysts, a foreign exchange (FX) devaluation of the Egyptian Pound is now likely to be required, as it is currently overvalued by more than 15%.

More Details

Analysts attributed their results to rising commodity & food prices, as well as a probable drop  in Russian visitor numbers, which will exacerbate Egypt’s already tight financial situation.

It is not like 2016 again

Analysts believe it will not be as bad as it was in 2016, when officials allowed the currency to devalue by around 48% as part of a new IMF package & it may need more IMF assistance if financial market pressures continue to intensify.

This analysis values the EGP 8.5% lower than its current level, giving the currency a value of EGP 17.25/$1.

The EGP is currently at EGP 15.72/$1, about 10% away from JPMorgan’s target.

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