Indeed, the Central Bank of #Egypt (CBE) is doing a good job and knows well that there is no room for complacency as the regional storm is brewing. It took two crises and almost $75bn of GCC support since 2013 (a large part of which were swapped for prime local assets) to bring Egypt back from the brink. The lesson has been learnt the hard way; and consolidating the hard-won and regained credibility of the CBE with international investors (as positioning hovers around $25/30bn) is critical amidst heightened geopolitical uncertainty, and anticipated end of the IMF EFF program in December. Kudos indeed as there are no easy options.