Egypt

Egypt: Devaluation inevitable amid sluggish reform

  • CBE’s decision to hold rates affirms market sentiment that EGP devaluation is not imminent as govt waits for FDI inflows

  • But FX deval necessary to attract investment and revive IMF programme – failure to do so means BOP crisis is inevitable

  • Meeting external funding needs over longer term will require sustained commitment to reforms w/ little margin for error

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