KEY THEMES
Yesterday, we published our MACROView note regarding the recently announced figures related to Net International Reserves (NIR). This has been a hot topic for the market ever since words about global capital flights from EMs started to be out. In a nutshell, we still believe the Egyptian economy is shielded by relatively adequate buffers, but external vulnerability still clouds the outlook. Thus, we think 2022 will likely witness a pivotal shift for Egypt’s monetary policy. For more details, please check out our MACROView note from yesterday.