Almost two-thirds of certified CFA financial analysts forecast that the Central Bank of Egypt (CBE) will further devaluate the Egyptian pound soon, according to a CFA Society Egypt press statement on Sunday.
While, 23.52% of the respondents predict that the CBE will continue to float the pound with an increase in the interest rate, 17.65% of the respondents expected a decrease in the pound’s value with an increase in the interest rate.
CFA Society Egypt surveyed 18 of its certified financial analysts and 59 banking and financial services employees on the future of the CBE’s monetary policy in the short-term.
Of those surveyed, 39.66% of banking and financial services employees foresee that the CBE will lower the value of the pound with an increasing interest rate, while 37.93% predict that the pound will be devaluated just once more. Moreover, 8.62% forecast complete floating of the pound with an increase in the interest rate, 6.9% predict complete floating, and another 6.9% predict no changes in the short-term.
On 3 July, governor of the CBE Tarek Amer alluded to a further depreciation of the Egyptian pound against the US dollar.
CFA Society Egypt was established in 2005 as non-governmental organisation and became a member of the CFA Institute in 2006. CFA Egypt aims to meet the ongoing needs of investment sector and encourage integrity and investment awareness.