5 things that happened this week (Egypt special):
Egypt has the worst-performing currency in emerging markets
The pound has lost nearly half of its value against the dollar over the past 12 months
1/5
Egypt has the worst-performing currency in emerging markets
The pound has lost nearly half of its value against the dollar over the past 12 months
1/5
A weaker currency has made consumer products more expensive
Inflation rose to 32% in Feb, highest in over 5 years
Could rise further after the govt hiked fuel prices this month
2/5
bloomberg.com
Inflation rose to 32% in Feb, highest in over 5 years
Could rise further after the govt hiked fuel prices this month
2/5
bloomberg.com
GCC money was meant to be part of the solution, but its delay is spooking investors
Signs:
- Cost of insuring against Egypt default rose the most in the world last month
- Egypt paid a higher interest rate on recent sukuk than similarly-rated Turkey
3/5
bloomberg.com
Signs:
- Cost of insuring against Egypt default rose the most in the world last month
- Egypt paid a higher interest rate on recent sukuk than similarly-rated Turkey
3/5
bloomberg.com
What’s worse? Financial markets are expecting further weakening of the pound
3-month forwards (white line) see the pound at 33.8, or 9% weaker than current level
12-month forwards (blue line) are at 38.0, or 19% weaker
4/5
bloomberg.com
3-month forwards (white line) see the pound at 33.8, or 9% weaker than current level
12-month forwards (blue line) are at 38.0, or 19% weaker
4/5
bloomberg.com
What’s the govt trying to do to attract vital dollars?
Selling assets: has a list of 32 state-held companies
bloomberg.com
Selling citizenship: offering Egyptian nationality for a few hundred thousand dollars
bloomberg.com
5/5
Selling assets: has a list of 32 state-held companies
bloomberg.com
Selling citizenship: offering Egyptian nationality for a few hundred thousand dollars
bloomberg.com
5/5
bloomberg.com/news/articles/…
Telecom Egypt Stake Sale Weighed as State Looks to Raise Cash
Egypt is considering offering an additional stake in state-run Telecom Egypt to investors, as the No...
bloomberg.com/news/articles/…
Egypt Expands Offer to Buy Citizenship to Attract Vital Dollars
Egypt is expanding the number of ways to acquire citizenship — including by paying in installments —...
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