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Egypt regains attractiveness on Ras El-Hekma deal, economic reforms

Egypt regains attractiveness on Ras El-Hekma deal, economic reforms
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Cairo – Mubasher: Egyptian debt market is gaining back its lure after the recent reforms in the economy and the increase in interest rates and the devaluation of the currency, according to an analysis by Financial Times.

Egypt's local bonds have also rallied after Ras El-Hekma $35 billion deal improved its foreign currency inflows, the analysis highlighted.

Financial Times revealed that investors injected $15 billion into Egyptian local bonds in 2024, most of which were poured following the announcement of Ras El-Hekma deal.

Furthermore, the analysis highlighted that the debt instruments of many markets, such as Poland, Nigeria, and Turkey are receiving more interest from investors.

During a special meeting in March 2024, the Central Bank of Egypt raised interest rates by 6%.

The official exchange rate of the US dollar against the Egyptian pound reached an all-time high on 6 March 2024, after the CBE reportedly allowed banks to apply free market rules to the exchange rate.

The CBE issued treasury bills (T-bills) totalling EGP 50 billion through two offerings on Thursday, 13 June.