Egypt sees exodus of dollars since start of Ukraine war
EGYPT has seen hundreds of millions of dollars leave its treasury markets since the Russian invasion of Ukraine last week as investors flee emerging markets for safer pastures, two bankers with knowledge of the matter said. Even before the crisis, Egypt had been working to sustain appetite for its treasury bills to plug current account and budget deficits and fend off pressure to let its currency weaken ahead of possible U.S. Federal Reserve rate hikes starting this month. A moderate sell-off of Egyptian treasuries that began on Thursday gained momentum when European markets opened on Monday, according to the bankers,…
