Traders are betting that growing pressures on the Egyptian pound could soon force the central bank to allow another devaluation as the nation’s pledge to move to a flexible exchange rate comes under the scrutiny of the International Monetary Fund.

The IMF is waiting to see Egypt enact more of the wide-ranging reforms it pledged — including genuine flexibility in the currency and privatization deals for state assets— before carrying out the first review of a $3 billion rescue program. The IMF approved a 46-month program for Egypt in December, later signaling the review would likely be completed in March.

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Egypt Devaluation Calls Grow Louder