IIF expects EGP to trade at 42.5/$ in FY2024/25

The IIF has set an average estimate of 33.5 for the EGP against the USD in the current year

Staff Writer, Arab Finance

March 8, 2024

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The Institute of International Finance (IIF) expects the Egyptian pound to trade at 42.5 against the US dollar in the coming fiscal year (FY) 2024/2025, Asharq Business reported, citing a report the IIF.

The IIF has set an average estimate of 33.5 for the EGP against the USD in the current year.

Moreover, the report expects Egypt’s total foreign debt to drop from its peak of $165 billion in FY 2022/2023 to $157 billion in the current FY, to reach 45% of the gross domestic product (GDP).

The report also revealed that Ras El-Hekma deal and the International Monetary fund’s (IMF) final deal with Egypt could boost the countries net international reserves (NIR) to over $50 by end-2024.

Furthermore, the Egyptian economic growth is likely to hit 4.5% in the coming FY, the report added.

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