BP, a major player in Egypt's energy sector, anticipates a significant dent in its first-quarter (Q1) earnings amounting to $200 million due to the devaluation of the Egyptian pound, as disclosed in its recent trading statement, cities by Asharq Business.

Kuwaiti brand franchise operators Alshaya Group has decided to close some of its stores in Egypt amid the current economic situation over the past three years and devaluation of the Egyptian pound.

Morgan Stanley expects a further phase devaluation of the Egyptian pound instead of floating the short-term exchange rate.

Egypt will "bleed" valuable reserves if it does not devalue its currency once more, the International Monetary Fund’s (IMF) Managing Director Kristalina Georgieva said.

Deutsche Bank says that a fourth devaluation of the Egyptian pound is unlikely to resolve the country’s economic challenges.