Goldman Sachs sees Egypt pound recovering once ‘seasonal flows taper’

Egypt’s pound, which breached the milestone of 50 per dollar to hit a record low this week, may rebound in early 2025 as a series of seasonal portfolio outflows taper off, according to a report by Goldman Sachs. The currency fell to 50.8 on the offshore market Thursday, the latest in an almost uninterrupted six-week streak of declines. It’s a sign of greater flexibility for the pound, which saw long periods of stability after authorities in March enacted their fourth devaluation since early 2022.