MIDEAST STOCKS-Egypt surges as FX control removed, Saudi continues climb

MIDEAST STOCKS-Egypt surges as FX control removed, Saudi continues climb:

"Egypt’s stock market surged on Tuesday after the central bank removed caps on deposits and withdrawals of foreign currency for importers, scrapping one of the last currency controls in place since the Arab Spring uprising in 2011. The blue-chip index registered its biggest daily jump since March as it rose 2.2 percent to a record closing high of 14,537 points, passing its previous peak in mid-November. The central bank’s move reflects a big improvement in foreign currency liquidity after Egypt obtained a $12 billion International Monetary Fund loan and devalued the pound last year."



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