Thyndr – The Egyptian pound is in a real pickle, with black According to market rates that are making everyone want to hurl.
What: Goldman Sachs has weighed in with a report that attributes the crisis to Russia’s invasion of Ukraine & a growing trade deficit.
So what: The report expects the Central Bank of Egypt (CBE) to intervene, but the extent of its intervention will be based on the availability of foreign currency.
Now what: With the IMF set to meet this Friday to discuss Egypt’s loan, Goldman Sachs doesn’t rule out another “Special CBE Meeting” where interest rates could be raised to encourage investment inflows to Egypt. In the meantime, we’re all just sitting here like, “EGP, what?!”
