The Clap
A delegate from Goldman Sachs visited Egypt recently & said that the reform measures Egypt took are reflecting positively on the economy.
What
Goldman Sachs believes the CBE is implementing a fully flexible FX rate with no intervention, & that the FX reserves increased in light of the devaluation.
So what
The report added that the high-yielding recent certificates of deposit have helped reduce demand on the USD, and that developments are taking shape in the country’s current account, driven by tourism & remittances.
Now what
Despite stating that the current EGP FX rate likely isn’t where it will stabilize at, they see the Egyptian economy as capable of growing over the long-term.
