Bank of America Merrill Lynch tips the Egypt carry trade: In a research note out on Thursday headlined “EM Alpha: Buy Egypt 6-month T-bills,” the bulge bracket bank recommends “buying Egyptian 6-month T-bills to benefit from an attractive carry and potential USD / EGP spot stabilization. EGP is cheap versus its history and could stabilize due to Fx inflows from multilateral sources and from the parallel market.” Risks, the bank notes, include “social unrest, reform slippage, inflation pick-up, Fx demand backlog, interbank Fx liquidity and Fx depreciation.” Egypt’s State Information Service likes the report enough that it’s carrying its own summary on its website. H/t Wael H.

The only caveat worth noting in this respect: The election of Donald Trump as president is curbing appetite for emerging markets equities, as we note in The Global Picture, below.

Central Bank of Egypt Governor Tarek Amer is due to meet today with bank chiefs and other members of the Federation of Egyptian Banks to discuss the FX market, Al Borsa reports. Sources speaking to Al Mal frame this as the first in a series of periodical touch-base session.

Finance Minister Amr El Garhy is expected to testify in front of the House Economics Committee today about the impact of the economic reform program on the state budget. Committee members are floating trial balloons on the possible implementation of a progressive tax bill to help close the budget deficit.

Aircraft landing at the Pyramids today? A flight of vintage biplanes from the 1920s and 1930s are due to land at the Pyramids sometime today — the first time in some 80 years that aircraft have been allowed to touch down there. (The official announcement from the state was a bit muddled, but it notes a flyby by one of the aircraft during a press conference scheduled for 13:30 today, so we’re assuming the full flight will land around that time.) The Pyramids event is part of a Crete to Cape Town charity air rally that began on Friday and will see a dozen vintage planes try to make the 12,800 km journey. The rally’s website is here, or you can tap here to see the group’s sketch of its Pyramids runway on a Google map. Reuters has coverage and a small photo gallery.