Central Bank of Egypt (CBE) Governor Hassan Abdalla received the Governor of the Central Bank of Eswatini, Phil Mnisi, to discuss expanding cooperation between the two central banks and exchanging expertise across several banking sectors.

Egypt’s net international reserves (NIR) jumped to $40.361 billion at the end of March, the Central Bank of Egypt (CBE) stated.

Strategists at Deutsche Bank forecast a 20% devaluation to the Egyptian pound in the short term.

Egypt has no plans to peg its pound to a basket of currencies, an official told Asharq Business.

Egypt has started trading with other countries using their own currencies instead of the USD dollar. This comes as the country has agreed to import products from Russia and India using the Russian ruble and the Indian rupee. Accordingly, Egypt will no longer need to secure USD in order to import goods from both countries. Since 2018, the local currency settlement (LCS) mechanism has been implemented and embraced by a number of countries, including Malaysia, Japan, Thailand, and China. This helped maintain a positive LCS growth trend within the financial markets, recording $868 million in the first quarter (Q1) of 2022, according to the Bank of Indonesia. Experts believe that adopting this LCS mechanism in international trade will help Egypt’s economic recovery.