Longer-dated dollar bonds of Egypt rose by over 4% yesterday, just a day after their central bank governor Tarek Amer resigned. He resigned one-day prior to Egypt’s interest rate setting meeting where most economists expected the third rate hike of 2022 to combat inflation. However, the central bank decided to keep overnight rates unchanged, just hours after President Abdel Fattah al-Sisi appointed Hassan Abdalla as its interim governor. Annual inflation hit 13.6% in July, its highest in over three years.
Egypt’s Long-dated Dollar Bonds Rise Over 4% Following Status-Quo at Policy Meeting
