The cost of insurance on Egyptian debts is at its highest level during the year
The gap between the official Egyptian pound exchange rate and the price of non-deliverable futures contracts widened again, after the cost of insurance on Egyptian debt fell to its lowest level this year, amid fears of risks surrounding the Egyptian economy and monetary tightening policies by the main central banks in Egypt. world anti-inflation.
The 12-month pound futures contracts witnessed an increase in the exchange rate of the dollar against the pound to 36.699 pounds, which is the highest historically, according to Bloomberg data, which was reviewed by Al Arabiya.net.
Meanwhile, the cost of insuring Egyptian sovereign debt rose by about 55 points to 1047 points, the highest in 2023.
Egyptian international bonds also recorded the worst performance among emerging market bonds, during Tuesday’s trading, after falling between 2 to 3 percent.
It is noteworthy that today is the start of trading on the sovereign Islamic sukuk that the Egyptian government offered last week on the London Stock Exchange.
The official rate of the pound against non-deliverable futures contracts
