Wednesday 2 December 2015

MIDEAST STOCKS-Egypt rises on FX payment to foreigners; Gulf mixed | Reuters

MIDEAST STOCKS-Egypt rises on FX payment to foreigners; Gulf mixed | Reuters:

"Egypt's bourse rose in early trade on Wednesday after the Egyptian central bank sought to reassure markets by repaying hard currency to foreign portfolio investors, while the Gulf was mixed.

The central bank changed the way it allocated U.S. dollars at a foreign exchange auction on Tuesday and repaid to foreign funds a backlog of over $500 million built up during a long-running dollar shortage - clearing the entire backlog.

This was taken by some investors as a positive sign that the central bank, under its new governor Tarek Amer, was addressing the foreign exchange problem more aggressively."



'via Blog this'

No comments:

Post a Comment