Arab Finance: Bank of America sees that the exchange rate of the Egyptian pound is close to its fair value, expecting its value to rise in the short term on the back of cash flows from the UAE, Asharq Business reported, citing a report from the American multinational investment bank.

The bank noted that the second tranche of the International Monetary Fund (IMF) loan, along with funds from the UAE, could bridge Egypt's external financing gap over one to two years, expected to amount to $5 to $10 billion.

Also, Bank of America anticipates the Central Bank of Egypt (CBE) to maintain a tight monetary policy while keeping interest rates steady in the near term to mitigate financial impacts.

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