Egyptian pound’s initial coronavirus immunity seen waning – ZAWYA

Egyptian pound’s initial coronavirus immunity seen waning – ZAWYA

An employee counts Egyptian pounds in a foreign exchange office in central Cairo, Egypt, November 3, 2016.. 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.. Analysts at Bank of America estimate that the Egyptian pound is nearly 15% over-valued against the dollar.. Among emerging markets, only Turkey saw a higher percentage fall in foreign reserves in March, according to data from the Institute of International Finance.. In a statement on April 7, Egypt's central bank said it had drawn down its foreign reserves "to partially cover foreign portfolio investment outflows .... At least $10 billion in Egyptian pounds, treasury bills and bonds left Egypt in March, according to finance ministry and central bank data.. But like other emerging markets, Egypt's bonds have come under pressure in recent weeks..