Al-Marsad newspaper: Social media activists in Egypt traded US dollar prices in the parallel market, known as the “black market”.
Some said that the price of the dollar has exceeded 27 Egyptian pounds, while others said it has reached 28 pounds, while on the official market it is trading in the range of 24.5 pounds per dollar.
According to investment bank Nomura Capital, of all emerging markets, Egypt is the economy most vulnerable to a currency crisis in the next 12 months. While HSBC Holdings Plc revised its earlier forecast for the pound to come in at around 24 to the dollar, it now tentatively forecasts a move towards 26, which would mean a decline of about 5.5% from current levels.
According to banks’ expectations published by the Bloomberg agency, the pound is likely to move to levels between 26 pounds per dollar and close to 27.8 pounds per dollar in the coming period.
