Country Risk Summary: EGYPT

January 2004
Middle East Monitor: The Gulf;Jan2004, Vol. 14 Issue 1, p2
Country Report
Country Report
President of Egypt Hosni Mubarak fell ill during a speech to the National Assembly in late-November. Although there does not appear to be any immediate cause for concern for his health, the incident again highlights that he has no obvious successor, indeed the post of vice-president has been kept vacant throughout his tenure. The lack of a clear mechanism for a transference of power casts a significant downside risk to political ratings. The pound has remained stable since September. However, the gap between this rate and that available on the black market remains high and in order to maintain the official rate, it appears that the authorities have restricted foreign exchange availability to banks, as well as intervened to support the pound.


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