Middle East & North Africa Economics Update Egyptian pound has further to fall The Egyptian central bank appears to have shifted from keeping the pound pegged to the dollar to allowing a relatively gradual devaluation. We think this process has further to run and the pound could... 2nd January 2013 · 1 min read
Middle East & North Africa Chart Pack Constitutional crisis keeps Egypt in the headlines Egypt’s constitutional crisis continues to cast a dark shadow over the economy. Admittedly, the vote on the new draft constitution passed off more smoothly than might have been expected. But the... 19th December 2012 · 1 min read
Africa Chart Pack Africa to outperform in 2013 Growth across sub-Saharan Africa (SSA) has held up relatively well in the last few months of 2012. This is despite a weak global backdrop and the continued sluggish performance of South Africa, the... 18th December 2012 · 1 min read
Middle East & North Africa Economic Outlook A region of two halves The Middle East remains a region of two halves. On the one hand, the Gulf economies are in good shape and look well placed to weather what is likely to be a challenging year ahead for the world... 17th December 2012 · 1 min read
Middle East & North Africa Economics Update Political turmoil to prevent Egypt from easing Egypt’s deepening political crisis has put paid to any hopes of policy easing, in the very near-term at least. Indeed, if things stay as they are, we wouldn’t be surprised if the central bank is... 6th December 2012 · 1 min read
Middle East & North Africa Economics Update Egyptian pound being supported at unsustainable levels President Morsi’s decision to grant himself sweeping powers has thrown Egypt into a constitutional crisis, the outcome of which is highly uncertain and will frame the near-term outlook for the economy... 29th November 2012 · 1 min read
Middle East & North Africa Chart Pack Egypt: two steps forward, one step back It’s been a mixed month for Egypt’s post-revolution economy. The good news is that a $4.8bn programme with the IMF has been agreed at a staff level, paving the way for formal approval by the Fund’s... 26th November 2012 · 1 min read
Middle East & North Africa Economics Update First thoughts on Egypt's IMF programme News that Egypt’s government has reached a “staff-level” agreement with the IMF on a $4.8bn programme has greatly reduced the risk of a balance of payments crisis in the country. Radical policy... 20th November 2012 · 1 min read
Middle East & North Africa Economics Update Subsidy cuts likely to push Egypt inflation higher The latest data from Egypt paint a disappointing picture of weakening growth and rising inflation. And with subsidy cuts and tax hikes expected as conditions to any agreement with the IMF, headline... 12th November 2012 · 1 min read
Middle East & North Africa Economics Update Egypt: IMF deal closer, but devaluation still an issue Media reports suggesting that the Egyptian government could reach a deal with the IMF within the next few months is clearly good news. However, we have been here before and we suspect the issue of... 8th November 2012 · 1 min read
Middle East & North Africa Economics Update External financing continues to trouble resource-poor countries Talks between Egypt and the IMF this month have focused attention back onto the external financing requirements of the region’s resource-poor economies. But so long as their oil-rich neighbours... 6th November 2012 · 1 min read
Middle East & North Africa Economics Update Middle East Markets Monitor (Oct.) The arrival of an IMF delegation in Egypt and hopes that a deal will soon be concluded have supported the local equity and bond markets over the past few months. Yet, this isn’t the first time that a... 31st October 2012 · 1 min read
Middle East & North Africa Chart Pack Inflationary pressures easing in the Gulf Recent activity data provide further evidence that the Gulf economies are slowing. The good news is that inflationary pressures are easing at the same time. This will boost households’ real incomes... 25th October 2012 · 1 min read
Middle East & North Africa Economics Update Currency concerns keep Egyptian rates on hold Egypt’s central bank kept interest rates on hold today as concerns over the fragile external funding position continue to outweigh the need to stimulate an ailing economy. 18th October 2012 · 1 min read
Middle East & North Africa Data Response Egypt Consumer Prices (Sep. 12) September’s data show that inflationary pressures eased further in Egypt, with core inflation falling to a six-year low. But an interest rate cut is unlikely next week. 10th October 2012 · 1 min read
Middle East & North Africa Economics Update IMF deal needed to stop the rot in Egypt Today’s data from the Central Bank of Egypt (CBE) showing that foreign currency reserves fell in September highlight the importance of an IMF backstop when talks take place at the end of this month. 8th October 2012 · 1 min read
