Dollar bonds of Egypt rallied by 1-2 points yesterday. The nation’s central bank said that it received more than $925mn in forex exchange inflows since January 11, calling it a “positive” indicators in the midst of its third devaluation in a year. The Egyptian pound has fallen more than 16% already in 2023 after a pledge by authorities to allow greater flexibility in its exchange rate as part of helping it secure $3bn in IMF funds. This was its third devaluation after its prior devaluations in March and October last year. The central bank said that interbank trading activity was more than 20x the recent daily average. The move is said to have helped Egypt manage a forex drought, to help it cover over $2bn of imports.
Egpyt’s 7.625% 2030s were up 1.9 points to trade at 84.92, yielding 10.5%.
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