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Egypt stock values back to pre-devaluation levels: Bloomberg

Ahram Online , Thursday 4 Jan 2018
Traders are seen working below the Egyptian Exchange bell at the stock exchange in Cairo (Photo: Reuters)
Views: 4749
Views: 4749

The Egyptian market capitalization of stocks has risen to $50 billion for the first time since the Central Bank of Egypt (CBE) devalued the Egyptian currency in November 2016, Bloomberg news agency reported on Thursday.

According to Bloomberg, foreign investors have been attracted to invest in Egypt's assets because of President Abdel-Fattah El-Sisi's reforms and the decision to turn to the International Monetary Fund a $12 billion loan.

In August 2016, Egypt reached an agreement with the IMF over a three-year $12 billion loan to support the country's fiscal reform programme, which was started in 2014.

In July 2017, Egypt received the final instalment of the first $4 billion tranche of the IMF loan.

In November 2017, Egypt reached a staff-level agreement with the IMF to receive $2 billion more of the loan.

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