Egypt’s Currency Urgency
Pedestrians walk on a street in Cairo, Egypt. Photographer: Shawn Baldwin/Bloomberg
Pressure is building on Egypt’s economy, prompting the world’s biggest banks to say the North African nation will need to weaken its currency further.
A greater flexibility in the pound has emerged as an issue for Egypt as the government looks to clinch a new loan from the International Monetary Fund. Deutsche Bank, Goldman Sachs and Citigroup say the currency is too expensive, even after a devaluation of more than 15% in March.