Egypt’s stock benchmark rocketed up in Monday session after disseminating media reports saying that decision makers of the Ventral Bank of Egypt (CBE) would do further devaluation of the Egyptian pound, Youm7 reported
The stock exchanged gained 5 billion EGP 30 minutes after the session had started. EGX 30 went up by 2.25 percent, while EGX 50 hiked by 1.86.
Head of research at Cairo-based investment bank Beltone Financial Hany Genena told Bloomberg that the the devaluation move is “imminent.”
