The announcement that Saudi Arabia’s Public Investment Fund will invest $5bn into Egypt’s economy is a further sign that the weaker pound has made Egyptian assets more attractive and will help to put Egypt's external position on a stronger footing. Elsewhere, central banks in the Gulf and Jordan followed the US Fed in cutting interest rates, but this may not provide the boost to credit growth and non-oil sectors that might might be expected. Finally, Morocco’s central bank meets next week and will continue its easing cycle against the backdrop of low inflation.
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