CBE policy moves, OPEC+ meeting, Tunisia default risks

The Central Bank of Egypt appears to be pressing ahead with its shift toward a more flexible exchange rate regime, which should also increase the likelihood of Egypt securing an IMF deal. Elsewhere, OPEC+ will probably stick to its cautious approach to oil production quotas at Monday’s meeting amid the backdrop of fears of a global recession and revival of the Iran nuclear deal. Finally, a schism between Tunisia’s president and central bank governor over the need for IMF assistance only adds to our view that a solution to the country’s crisis is not close as it hurtles toward a sovereign default.