Egypt seeks to rejoin JP Morgan’s GBI-EM: Maait

Updated 3/11/2024 9:29:00 AM
Egypt seeks to rejoin JP Morgan’s GBI-EM: Maait

Arab Finance: Egypt is looking forward to being relisted on JP Morgan’s Government Bond Index for Emerging Markets (GBI-EM) following the economic reform actions taken recently, Minister of Finance Mohamed Maait told Asharq Business.

Earlier on January 10th, JP Morgan decided to exclude Egypt from its GBI-EM index after the country had been under observation since September 21st, 2023, following reports of significant foreign exchange (FX) convertibility issues raised by benchmarked investors.

On March 6th, the International Monetary Fund (IMF) sealed its final $8 billion loan deal with Egypt to bolster the country’s economy, following the increase in interest rates by 600 basis points (bps).

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