EGP: Intervention Will Prevent Mass Selloff

Our core views sees elevated volatility across Egyptian financial markets in the near term, and the FX market will be no exception. Having plunged through a key level of trendline support at EGP5.8000/US$ in recent trading, the currency depreciated against the dollar to as low as EGP5.9500/US$ at one point, before intervention by the Central Bank of Egypt (CBE) stabilised the unit at 5.8770/US$ on February 17.

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