CAIRO (Reuters) – Foreign investment in Egyptian securities hit $19 billion as of December 6 since the flotation of the pound currency in November 2016, Finance Minister Amr El Garhy said. Egypt floated the pound as part of a $12 billion International Monetary Fund loan aimed at reviving its economy which has struggled since a 2011 uprising.
Thank you for reading this post, don't forget to subscribe!The central bank since November 2016 has raised key interest rates by 700 basis points, generating appetite for Egypt’s debt.
Reporting by Ehab Farouk; writing by Arwa Gaballa; editing by Jason Neely