Thndr Claps » EGY Claps » Economy 🏙 » Moody’s: Devaluation to happen gradually🤌
The ClapMoody’s Investors Service expects the government to gradually devalue the EGP rather than rapidly allowing it to float.ChallengesThe gradual devaluation of the EGP depends on Egypt continuing to receive financing from Gulf countries and other sources, also known as “hot money”.This policy could also delay a potential agreement with the IMF, which Egypt is in negotiations with in order to secure a loan to support the economy.Why this MattersThe EGP is in a difficult spot, as further devaluation would lead to an increase in already high levels of inflation.
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