Tourism in Egypt is picking up, Suez Canal receipts hit a three-and-a-half-year high  of $503mn in May while FDI and remittances are also on the up. This helped Egypt cut its current account deficit by 45% year-on-year for Q1 2018, although it’s still at $1.9bn.

Key pillars of the Egyptian economy are looking firmer than they have for some time. The country’s current account deficit fell to $5.3bn for the first nine months of the 2017-18 financial year (ie 3Q17-1Q18), down...