2022-03-25

EGYPT‘S POUND

IN THE NAME OF ALLAH THE MOST GRACIOUS THE MOST MERCIFUL
We flagged a 15% overvaluation of Egypt's Pound for the past year. This week's devaluation was about 15%, so is overvaluation over? Our 15% overvaluation number pre-dates Russia's invasion of Ukraine & the recent sharp rise in wheat prices. The Pound (pink) has further to fall.