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18-08-18
Egypt becomes debt investors refugee after pound float: report
(MENAFN) Bloomberg reported Egypt to have turned into a shelter for debt investors from a crisis zone in only two years or less.
The statement has come in reference to the Egyptian pound, which the government permitted to float in 2016 in order to deflect an economic collapse.
The report stressed that the Egyptian pound held its own despite Egyptian Treasury bills' struggle with outflows of no less than USD4 billion ever since March.
Los Angeles-based TCW managing director for emerging markets Brett Rowley stated that "we are encouraged that there were no reports of dollar shortages," even after witnessing the outflows.
MENAFN1808201800450000ID1097312001
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