Egypt on a roll
MARKET VOICE
Egypt’s healthy external balance, reverse currency substitution and yield support all support further strengthening in its pound (EGP) over the next two years. As policymakers are focused on keeping non-oil exports strong, we do not expect significant appreciation in nominal terms, but medium-term real appreciation is expected.
We remain comfortable with the political backdrop. President Mubarak – having ruled for the past 24 years – won Egypt’s first contested election with an overwhelming
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