Egyptian Prime Minister Mostafa Madbouly said in a press conference on Thursday that the total hot money that came out of Egypt during the global sale on Monday did not represent more than 7-8 percent of the total money in the market at that time.
Analysts and bankers said foreign investors sold financial accounts in Egyptian pounds and converted the money into dollars in a move to safer assets. It said the increase in sales came amid regional political tensions and concerns over government finances.
The wave of stock market selling swept across the world, with US indices falling as fears of an economic slowdown in the United States pushed global stocks lower, while shares of energy and utility companies continue to lose on a large scale.
Egypt’s main index, on Monday, closed down 2.33 percent at 27,840.6 points, amid fears that the United States is heading for an economic recession and concerns about the widening of the conflict in the Eastern region. Medium.
Mona Badir from Al Baraka Bank said that the Egyptian Stock Exchange and the Egyptian pound are under pressure from geopolitical tensions in the region and the increase significantly.
Analysts and bankers said that foreign investors sold Egyptian financial accounts and converted the money into dollars to move to safer places.
The dollar also moved during Monday’s trade to its highest price against the pound since March, above 49 pounds.
Egypt saw foreign investments in government debt instruments, or so-called “hot money,” flow into the country again, reaching an unprecedented level, exceeding $30 billion last March.
The biggest increase in foreign deposits came after the Central Bank of Egypt allowed the value of the pound to fall by more than 60 percent on March 6, and raised interest rates in the country by 6 percentage points at the same time, to 27.25 percent reached on deposits and 28.25 percent on loans.
2024-08-09 13:42:41
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