Egypt postpones flotation of pound for 60 days: Citigroup
Despite much anticipation about the approaching date of floating the Egyptian pound, a report by Citigroup expects the decision to be delayed for 60 days.
According to the report of the US financial services group, the flotation decision may be postponed for a month or two, which means that it may not take place during the current fiscal year which ends on June 30.
Experts anticipated Egypt to take a new step by decreasing the exchange rate of its local currency against the US dollar as well as to raise interest rates, but a Goldman Sachs report referred to reasons that might push the Egyptian government to postpone the decision.