Arab Finance: JP Morgan has decided to exclude Egypt from its Government Bond Index-Emerging Markets (GBI-EM) index, Reuters reported, citing a statement by the American multinational financial services firm.

The decision is effective starting January 31^st.

This move comes after the country had been under observation since September 21st, 2023, following reports of significant foreign exchange (FX) convertibility issues raised by benchmarked investors, JP Morgan noted.

As of December 29th, Egypt held a weight of 0.61% in the Global Diversified Index, as disclosed by JPMorgan.

The country was represented by 13 Egyptian pound bonds within its indices, with maturities spanning from 2024 to 2030.

IMF to discuss Egypt's loan 3rd review on July 10th Updated 7/2/2024 9:14:00 AM

Auto sales in Egypt decline 14.2% YoY in May Updated 7/2/2024 6:17:00 AM

bp, EMEX awarded contracts for 10 LNG shipments to Egypt Updated 7/2/2024 6:11:00 AM

Egypt's tourism revenues hit $6.6B in H1 Updated 7/2/2024 6:06:00 AM

GAFI grants 31 golden licenses since December 2022: Heiba Updated 7/1/2024 12:26:00 PM