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Wall Street giant JPMorgan has recommended investing in 1-year Egyptian Treasury bills at the latest auction. This reflects its increased confidence in the Egyptian market to the Central Bank of Egypt’s substantial interest rate hike and shift to a market-driven exchange rate system
Wall Street giant JPMorgan has recommended investing in 1-year Egyptian Treasury bills at the latest auction. This reflects its increased confidence in the Egyptian market to the Central Bank of Egypt’s substantial interest rate hike and shift to a market-driven exchange rate system.
Following the central bank’s measures, the Egyptian pound experienced a record low against the USD, surpassing EGP 50 on Wednesday. The EGP stabilized Thursday morning, stabilizing just above EGP 49 against the USD.
JPMorgan’s outlook includes a prediction of a 4% month-on-month increase in Egypt’s inflation for February, with expectations of a slowdown later in the year.
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Egypt’s international bonds demonstrated positive momentum, with an increase of over two cents after the CBE decided to raise interest rates by 600 basis points. Data from “Tradeweb” indicated that Egypt’s USD bonds due for repayment in 2047 jumped by 2.6 cents, reaching 82.3 cents, the data revealed.
