Egypt on a roll

- By FX Markets Staff
- @FXMarkets_
- 17 Oct 2005

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Egypt’s healthy external balance, reverse currency substitution and yield support all support further strengthening in its pound (EGP) over the next two years. As policymakers are focused on keeping non-oil exports strong, we do not expect significant appreciation in nominal terms, but medium-term real appreciation is expected.

We remain comfortable with the political backdrop. President Mubarak – having ruled for the past 24 years – won Egypt’s first contested election with an overwhelming

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