Pre-Trading Thoughts

Net foreign assets in Egypt’s banking sector rose for a second month running, reaching USD10.2 billion in February, up 17.2% from January’s USD8.7 billion surplus. A narrower deficit at commercial banks helped lift the sector’s external position, with its net foreign asset deficit shrinking to USD1.9 billion in February from USD3.3 billion a month earlier. Egypt has received a USD1.2 billion disbursement from the IMF as the fourth tranche of its Extended Fund Facility (EFF) program, the Egypt...