The spread of the coronavirus in the MENA region has led to further draconian containment measures being implemented, which will cause severe economic damage. In turn, this has raised the chances of more countries turning to the IMF for financial assistance. Official intervention has almost certainly been behind the Egyptian pound's robust performance over recent weeks and, while this might be able to continue for a little longer, we think that the authorities will eventually have to let the currency weaken.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.