Pre-Trading Thoughts

Yesterday, the EGP fell to 32.20 to the USD before rebounding to close at 29.76. On the same day, the banking sector saw USD650-750 million change hands through the interbank market yesterday — as much as five times the recent daily average. Banks received strong inflows of foreign currency during yesterday's trading, with a value of more than USD250 million from major international institutions. The government is planning a EGP150 billion subsidized loan program for industry and agriculture,...