Thndr Claps » EGY Claps » Economy 🏙 » EGP could see another 14% depreciation💵
The ClapWith the IMF loan on the horizon, there are signs the EGP could see its value drop another 14%.
Deets3-month forward contracts for the EGP, which are contracts between two parties to buy or sell the currency at a specified price on a future date, reached EGP 22.9/USD.
So whatAnalysts expect the “fast pace of weakening to start now”, in a much-needed move to obtain the loan.
Now whatAccording to Bloomberg Economics, the EGP must fall to 24.6 against the USD in order to bring the trade deficit to a “resonable level”.
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