http://www.bloomberg.com/news/articles/2016-04-22/u-a-e-pledges-4-billion-to-egypt-to-boost-reserves-investment

This would surely help the currency crisis. Petro-dollar re-circulation in action.

Another commentator hits at the core of the problem.

Egypt : This Is What’s Happening To Its Currency After Devaluing 5 times In One Year

We are still awaiting for oil prices rising to cure this FX shortage in both Nigeria and Egypt. it’s likely about 1/2 way there now. I think what is happening now is global financial flows first move into the biggest and most liquid markets, such as Brazil, Russia, and China. then 6 months to a year later it will find it’s way into the smaller ones like Africa.

Advertisements