EGP: Limited Scope For Appreciation

The Egyptian pound continues to trade in a tight sideways band against the US dollar, with ongoing intervention by the Central Bank of Egypt (CBE) in the foreign exchange market limiting the currency's volatility. Indeed, since late March, the unit has traded between EGP5.9350-5.9700/US$, and appears unlikely to fundamentally veer off course in the near future. In the short term, we expect the pound to remain firmly within this trading band.

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