Pre-Trading Thoughts

Egypt will continue to rely on a flexible exchange rate regime as a first line of defense against global shocks, central bank Deputy Governor Ramy Aboul Naga said. Aboul Naga signaled that the central bank will cut interest rates when it’s convinced inflation won’t pick up again. The EGP continued to weaken against the USD in trading yesterday, slipping to fresh lows and ending the day at a selling price of around EGP 51.44-51.47 at public and private banks, marking the second consecuti...