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Hermes: Dollar may drop below 50 pounds in Egypt under certain conditions
Ahmed Shams Al-Din, Head of Research at EFG Hermes, confirmed that the geopolitical escalation in the region could lead to higher oil prices, which would increase global inflation rates and impact market expectations that had been based on a period of calm. If the escalation continues, oil prices could exceed $150 per barrel, especially if global supply chains are disrupted. On a local level, he explained that the impact of rising oil prices is greater on Egypt, as every $10 increase in price adds approximately $1.5 billion to the current account deficit.
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