Arab Finance: 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.

Moreover, Standard Chartered expects a pause on foreign exchange and rates adjustments, the note added.

Accordingly, the bank lowered its end-2023 USD-EGP forecast to 31 from the previous projection of 36, as well as trimmed its end-2023 policy rate forecast to 19.25% from 21.25% prior,

The bank also lowered its growth forecast for fiscal year (FY) 2023/2024 to 3.8% from 5%

Standard Chartered added that EGP devaluation is still a risk, but it is not the base scenario for the bank’s expectations based on recent statements by Egyptian officials and the Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva.

Additionally, Standard Chartered expects three IMF reviews to be combined during the first quarter of 2024.

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