Foreign buyers helped Egypt’s index recover some of the previous session’s losses that had been sparked by the country’s foreign reserves slumping to critical levels (...)
An unstable political situation in Egypt and a deteriorating economy is weighing on local investor confidence, but foreign investors – net buyers of Egyptian equities during the ongoing turmoil – appear optimistic the situation will improve.
The Egyptian pound gained Wednesday for the second time in three days as authorities battled to halt a slide of its currency into crisis.
The currency has lost around 8 percent since the bank changed its currency regime in December to avoid an outright currency crisis and figures Tuesday showed Egypt’s reserves of dollars and other hard currency have fallen to $13.6 billion – enough to pay for less than three months worth of imports (..)
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