Liberalization of the Egyptian pound is positive to insurance
On the verge of economic asphyxia and engulfed in a serious monetary crisis, Egypt, which has sustained a 48% devaluation of the Egyptian pound, decided to allow its currency to float. According to experts, this decision is likely to boost the insurance business by increasing market turnover from 25% to 30% on the mid-term basis. Investment opportunities will be stimulated, which will trigger a rise of the interest rates by 300 base points.
Other upsides are expected following this move blessed by the IMF. While investors’ growth remains one of the key drivers of this monetary liberalization, tourism recovery, declining imports and rising exports are also desired.
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