Egypt

Egypt revived a stalled plan to sell stakes in 32 state-run companies, including in two military-affiliated firms and a variety of real estate and insurance sectors, as part of a drive to revamp the economy and secure much-needed foreign currency. Separately, emerging-market investors were excited about a return to Egypt’s markets after last month’s devaluation of the pound. However, policymakers last week defied most expectations and held interest rates. Derivative traders are betting that the pound will weaken by 13% past 35 per USD for the first time.