Arab Finance: The multinational lender, HSBC, expected a further decline in the Egyptian currency, as a result of a lack in foreign exchange inflows, Asharq Business reported on March 24^th.

The bank revised its expectations for the exchange rate of the Egyptian pound to range between 35 and 40 against the US dollar, from a previous projection of 32.5 last January.

HSBC indicated that the decline in the exchange rate of the pound would add additional burdens to the already high prices, and may raise the inflation rate above 40% during the coming months.

Egypt has devalued the Egyptian pound three times in 2022 amid a plan to switch to a more flexible exchange rate.

It is worth noting that the Central Agency for Public Mobilization and Statistics (CAPMAS) announced that Egypt's annual headline inflation rate rose to 32.9% in February, compared to 10% in the same month of 2022.

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