Macroeconomic Forecast Egypt

We maintain a neutral-bearish outlook for the Egyptian pound through the remainder of 2011. Trading at EGP5.9550/US$ in early July, there remains little fundamental reason to the like the currency at this juncture. Going forward, we forecast the unit coming in at EGP6.1000/US$ by end-2011, before appreciating only slightly to EGP5.7000/US$ by end-2012.

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