Pre-Trading Thoughts

CBE Acting Governor Hassan Abdalla has appointed Hisham Ezz Al Arab and Mohamed Naguib as his advisors. The meetings held yesterday by the CBE and key cabinet members have stoked expectations that they may be looking for ways to ease import restrictions. According to local press, the process of opening letters of credit necessary to import some commodities and production components witnessed relative facilitation, and banks began to procure foreign currency for some importers. How...