The appointment of Egypt’s central bank governor, Tarek Amer, for a second four-year term will welcomed by investors as a sign that the government remains committed to orthodox policymaking and supports our view that inflation will stay low and interest rates have further to fall. Elsewhere, the Lebanese government managed to meet a $1.5bn debt payment that was due today, but a debt restructuring still seems inevitable. The lack of collective action clauses on its bonds means that this could be a lengthy and arduous process.
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