Hassan Abdalla’s term as Egypt’s central bank governor was renewed this week which bodes well for the ongoing shift to macro orthodoxy and broader structural reform. First up on his agenda will be next week’s interest rate decision, where we expect the CBE to resume its monetary easing cycle. Elsewhere, Saudi Arabia’s Public Investment Fund published its Annual Report which showed that its assets under management rose again, although its assets have become increasingly localised. PIF’s debt burden has also continued to mount, adding to the state’s growing contingent liabilities, which could come into focus as the public debt-to-GDP ratio rises.
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