Not stopping at 6.5

Ahram Online:  Egypt's pound devaluation has not reached an end
"The Egyptian pound slipped further against the dollar at the Central Bank of Egypt's (CBE) USD 50 million currency auction for local banks on Tuesday...On Wednesday, the official exchange rate reached 6.7 pounds per dollar...Experts estimate that the dollar will reach LE7.5 this year, but their forecast might be modified according to the political situation...The dollar has already exceeded LE7.15 in the black market...Hani Guenena, head of research in Pharos Investment Bank, expects the dollar to reach LE7.5 or even LE8 in the period ahead."

Recall on December 30th Pharos was predicting a devaluation to 6.50 to the USD (see here).  That appeared somewhat optimistic at the time.  With the pound now at 6.70, Pharos is now targeting 7.50 or 8.