Egypt’s flexible exchange rate bolsters investor confidence as government eyes capital market expansion
Major global financial institutions stated that Egypt’s flexible exchange rate and recent monetary policies have enhanced investor confidence, as Egyptian ministers outlined plans to deepen the capital market and expand exports during a series of meetings in London. Representatives from BlackRock, HSBC Asset Management, The Bank of New York Mellon (BNY), Bloomberg Intelligence, and Newton […] The post Egypt’s flexible exchange rate bolsters investor confidence as government eyes capital market expansion first appeared on Dailynewsegypt.
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Major global financial institutions stated that Egypt’s flexible exchange rate and recent monetary policies have enhanced investor confidence, as Egyptian ministers outlined plans to deepen the capital market and expand exports during a series of meetings in London.
Representatives from BlackRock, HSBC Asset Management, The Bank of New York Mellon (BNY), Bloomberg Intelligence, and Newton Investment Management noted that the Egyptian market has shown remarkable resilience compared to other emerging markets despite regional and global challenges. Speaking at a roundtable organised by BNY, the investors attributed this to the rapid response of the government and the Central Bank of Egypt (CBE), alongside disciplined monetary policies.
The asset managers stressed that increasing market liquidity and listing larger companies are primary conditions for attracting future institutional investment. In response, Minister of Investment and Foreign Trade Mohamed Farid Saleh, who attended the roundtable alongside Minister of Finance Ahmed Kouchouk and CBE Deputy Governor Rami Abouelnaga, confirmed the state is working to expand the base of listed companies.
Farid stated that the government will utilise its initial public offering (IPO) programme and encourage private company listings to increase market depth and attract long-term institutional investments. He added that the government continues to improve the trade environment through the digitisation of services, the simplification of procedures, and the reduction of customs release times to raise the competitiveness of the Egyptian economy and support corporate expansion.
During the London visit, the Egyptian delegation also held bilateral meetings focused on bilateral trade and industrial growth. In a meeting with a delegation from UK Export Finance (UKEF), Kouchouk stated that developing commodity and service exports tops Egypt’s fiscal policy priorities.
The finance minister noted significant opportunities for the growth of outsourcing exports due to an expanding telecommunications and information technology sector. He added that the government is working to increase export subsidies and target promising sectors to open new global markets, highlighting joint investment opportunities with British partners in industry, renewable energy, and infrastructure.
In a separate meeting with Blair McDougall, the British Minister for Business and Economic Transformation, Kouchouk affirmed the government’s pursuit of new partnerships to drive mutual investments.
“Our economic policies are more open and attractive to investment flows,” Kouchouk said, adding that the Egyptian private sector is moving at a rapid pace and proving its ability to lead economic growth and development.
The post Egypt’s flexible exchange rate bolsters investor confidence as government eyes capital market expansion first appeared on Dailynewsegypt.
