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Stock impact report

Egyptian pound's initial coronavirus immunity seen waning [Reuters]

IHS Markit Ltd. Common Shares (INFO) 
Last ihs markit ltd. common shares earnings: 3/24 06:00 am Check Earnings Report
US:NASDAQ Investor Relations: investor.ihsmarkit.com
Company Research Source: Reuters
Egyptian pound's initial coronavirus immunity seen waning CAIRO/DUBAI/LONDON (Reuters) - Egypt’s pound has been a rare riser among emerging market currencies beaten down by the coronavirus fallout but pressure is growing on it to weaken. An expected fall in remittances from Egyptians working in oil-rich Gulf countries, debt repayments and a collapse in tourism revenues and low global gas prices will put the country’s foreign reserves, already at their lowest level in over two years, under more strain, say economists and bankers, limiting the central bank’s room to manoeuvre. Like monetary authorities in other emerging economies, Egypt’s central bank has kept the pound steady in recent weeks by using some of its foreign reserves, analysts said, as the coronavirus pandemic encouraged investors to ditch riskier assets. A potential agreement with the International Monetary Fund (IMF) for financing could add to the pressure on the pound over the medium term, economists say. The IMF’s gener Show less Read more
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