Egypt is losing ground as a top haven for emerging market debt investors, and interest rate cuts could make its short-term treasuries less attractive to foreign buyers in coming months, a report by CI Capital Asset Management said yesterday.Egypt last year emerged as one of the world’s hottest destinations for portfolio investors after its short-term treasury yields touched 22% as the central bank hiked interest rates to curb soaring inflation.The high-yielding debt brought hordes of foreign buyers and badly needed hard currency to Egypt, an import-dependent country that has relied on dollar inflows to fund its current account deficit in …read more
Source: Gulf times
