Leaderboard

It’s clearly a well managed bank but the catch is it’s Egypt where inflation is ~25%. They say “unfortunately” the depreciation of the currency has taken returns from 21% in local FX to 1% in dollars, but that’s exactly what we should expect - we gotta adjust nominal returns expectations for the local FX depreciation given 20%+ inflation differentials. Not monopoly money but close! That doesn’t mean it can’t be a good investment.