Pre-Trading Thoughts

Egypt’s foreign reserves were effectively unchanged at nearly USD 33.2 bn in September. The CBE is working on designing onshore non-deliverable forwards (NDFs) and options to hedge against the risk of currency depreciation. The National Bank of Egypt and Banque Misr are now offering 5.30% on three-year CDs and 5.15% on five-year deposits, up from 2.15-2.25%. At least four banks (CIB, HSBC Egypt, Banque Misr, and FAB Egypt) have introduced withdrawal limits on foreign currency for ...