Inflation in Egypt expected to decrease in 2024 due to Egyptian pound movement: report

The exchange rate of the Egyptian pound is likely to decline by about 30 percent during the first quarter of next year to 40 Egyptian pounds to the dollar, in parallel with a slowdown in the pace of inflation from 34 percent in 2023 to 27 percent in 2024, according to the BMI research institution affiliated with Fitch Solutions.

The research institution stated, in a report issued at the end of November, that the exchange rate of the Egyptian currency will remain within the range of 31 pounds to the dollar at the beginning of next year, and will subsequently decrease to between 40-45 Egyptian pounds by the end of the first quarter, according to the Asharq Business website.

The scarcity in hard currency Egypt is suffering from has caused the emergence of four different levels of the exchange rate of the dollar against the pound.