The depreciation of the Egyptian pound between 10 percent and 11 percent along with the increase of deposit and lending rates by 100 basis points would contribute to luring investments into the North African country, added the Group on Monday.

The two steps would keep the Egyptian pound move roughly in line with its fair value, it added.

The Group further pointed out to the possibility of having negotiations between the Egyptian government and the International Monetary Fund (IMF) on signing a new agreement or program.

It also expected that the agreement with the IMF would not be enough alone, noting that Egypt could also hold other agreements with a number of Gulf countries.