IMF raises Egypt pound forecast
The International Monetary Fund (IMF) has raised its forecast for the Egyptian pound's exchange rate during the current fiscal year to an average of 52.14 pounds per dollar, down from the previous estimate of 54.3 pounds. It expects the rate to stabilize at 55.96 pounds in 2027-2028. The IMF also increased its forecast for Egypt's economic growth to 4.7%, up from 4.4% previously, and projects inflation to reach 14.8% during the current fiscal year. Additionally, the current account deficit is expected to expand to 4.9% of gross domestic product (GDP), up from 4.4% last year. These forecasts come amid ongoing economic reforms and a flexible exchange rate policy, aligning with Standard & Poor’s expectations, which anticipate the pound to stabilize at 52 pounds by the end of the current fiscal year, with economic growth slowing to 4.5% in 2027 due to global challenges.
Notice: This Is an AI-Generated Summary
Comments (0)