Cairo – Mubasher: The Central Bank of Egypt (CBE) is expected to devaluate the Egyptian pound next week, possibly before the Spring Meetings of the International Monetary Fund (IMF) on 7-9 October, according to a report by Pharos Research.

Egypt and the International Monetary Fund (IMF) have reached an initial agreement for a $12 billion fund over three years.

The CBE requested a complete list of backlog of demand for foreign currency, specifically for essential goods, Al Mal newspaper reported on Wednesday.

The request reflects that it is about to meet pending US dollar requests in an exceptional FX auction or through its upcoming Tuesday regular FX auction.