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Egypt should opt for more exports, less carry trade: Maait

Egypt should opt for more exports, less carry trade: Maait

Arab Finance: Egypt should attract more foreign direct investment (FDI) and increase exports to wean itself off the carry trade, Bloomberg reported on June 23rd, citing Minister of Finance Mohamed Maait.

Maait expressed concerns over the ramifications of hikes in interest rates and the impact on Egypt’s cost of debt services.

Moreover, the minister said he has witnessed outflows from portfolio investments three times since 2018 and he is familiar with dealing with it, Maait noted.

On June 9th, the United Nations Conference on Trade and Development (UNCTAD) announced in its World Investment Report 2022 that Egypt’s FDI dropped 12% year-on-year (YoY) to $5.122 billion in 2021.

 

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