Trade Notepic1Egypt’s Incomplete Devaluation

Special Note

Published:May 2014

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Summary

The decision of the Central Bank of Egypt (CBE) to devalue the EGP against the USD in the first quarter of 2015 was certainly a good move, but is it going to boost Egypt’s exports? Dcode EFC believes not.

The EGP lost 7.6% of its value against the USD in Q1 2015, relative to Q1 2014. It, however, appreciated by almost 11.5% y-o-y against the EUR over the same period. This was due to the depreciation in the value of the EUR against the USD. We believe that the net impact would be a decline in proceeds of commodity exports accompanied by an increase in commodity imports.


Table of Contents

I-Background

II-Trade with EU Countries

III- Trade with Non-EU Countries

IV- In a Nutshell


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