EGP to witness its 4th depreciation against USD by June: Fitch Solutions

The Egyptian pound is expected to depreciate against the US dollar, mainly driven by slow capital inflows, chiefly in the form of foreign direct investments (FDIs) and the widening difference between the official and parallel (black) market rates, Fitch Solutions said on Sunday.

In its updates on the MENA Monthly Outlook report, Fitch projected the Egyptian pound will be devalued from around the current EGP 31 per US dollar to EGP 35 per US dollar by June, and gradually weaken toward EGP 38 per US dollar by November.