The independence of Tunisia’s central bank has come under threat this week, which will only diminish any remaining hopes that the country’s IMF deal will be approved. Elsewhere, comments from Saudi Arabia’s energy minister have raised the possibility that the Kingdom could deliver another oil output cut. And finally in Egypt, although some have suggested that Gulf investors could provide support before the pound is allowed to fall, we continue to think the grip on the pound must be relinquished before any investments flow in.
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