JP Morgan expects a further devaluation of the Egyptian pound to fall to a range between EGP 45 and EGP 50 against the US dollar, Asharq Business reported, citing a report by the bank.

Moreover, the US-based financial services provider projects this devaluation to be accompanied with a 2% increase in interest rates to reach 23.5%.

It added that the predicted EGP devaluation and the significant increase in annual inflation rates could contribute to slowing down the pace of the soaring inflation over the coming period.


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