The Financial Regulatory Authority (FRA) has granted Standard Chartered a license to operate as a custodian bank.

The Egyptian Minister of Investment and Foreign Trade Hassan El-Khatib has met with a delegation from Standard Chartered to discuss the bank’s investment plans in the Egyptian market over the coming period.

Standard Chartered has officially launched its operations in Egypt after obtaining the final approval from the Central Bank of Egypt (CBE).

Standard Chartered has appointed Mohammed Gad as CEO for it branch in Egypt, effective immediately.

Pegging the Egyptian pound to a basket of currencies may back the country’s economy and curb inflation, allowing some foreign exchange flexibility, according to a recent note by Standard Chartered.

Egypt is expected to resume its economic reform program during the first quarter (Q1) of next year, Carla Slim, MENA economist at Standard Chartered Bank, said.

Standard Chartered Bank is still expecting a fourth devaluation, possibly the last, of the Egyptian pound, according to MENA economist at Standard Chartered Carla Slim.

Standard Chartered Bank is seeking to open its branch in Egypt next year to continue backing the government against the current economic hurdles.

Egypt is likely to achieve progress on asset sales and other International Monetary Fund’s (IMF) requirements within the coming months and IMF’s executive board approval of the first review in the third quarter of the year.