Cairo – Mubasher: The Egyptian pound is expected to continue its decline against the US dollar to reach 8.25 per dollar by the end of this year, said Capital Economist in a report.

Egypt’s central bank allowed the local currency to depreciate by 20 piasters in July to 7.73 per dollar, from 7.53 per dollar in February.

The Central Bank of Egypt still needs to allow more depreciation in the pound exchange rate to restore competitive capability, Capital Economist added.

It also said that the Egyptian equity market was negatively impacted by restrictions imposed by the Egyptian government on foreigners’ redemption of foreign-currency yields, in addition to the slump in Emaar Misr stock on debut.