The Egyptian pound has appreciated by 10% against the dollar in the past couple of weeks since its devaluation, providing hope that the CBE is finally following through with its commitment to a more flexible exchange rate regime. The key test, however, will come when the currency comes under downward pressure. Elsewhere, Morocco’s central bank governor downplayed that the next move towards a floating dirham trading band will arrive anytime soon but the adoption of an inflation-targeting monetary framework appears to be closer.
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