The Central Bank of Egypt surprised the markets by raising interest by 100 basis points
Posted on: August 04, 2023: 03:14 PM GST Last updated: August 04, 2023: 05:17 PM GST
Egypt’s sovereign dollar bonds rose today, Friday, after an unexpected decision to raise interest rates on Thursday.
The Tradeweb data showed that bonds with longer maturities made the biggest gains, with bonds due in 2048 up 1.4 cents.
Bonds due in 2040 and beyond rose 1 cent or more, but shorter maturities through 2031 rose between 0.5 and 0.9 cents.
The Central Bank of Egypt announced in a surprise move on Thursday that it had raised the main overnight interest rate by 100 basis points to “avoid inflationary pressures and control inflation expectations.”
2023-08-04 11:14:00
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