Foreign investment in Egyptian securities rises to $19 bln

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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.

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