Pre-Trading Thoughts

The deficit in Egypt’s banking system net foreign assets widened to negative USD 27.1 bn during the month from negative USD 24.4 bn in May. According to Egypt's agreement with the IMF, the Central Bank pledged not to grant any bank an exception from maintaining open currency positions (which is the difference between assets and liabilities in foreign currency) and to consult with the fund if net foreign assets decreased for a period of 3 months by a value equivalent to two billion dollars. Du...