Return of hot money foreshadows even more debt for Egypt


Al-Monitor Pro Members


Marc Español 

Journalist covering Egypt and Sudan 


March 3, 2023

Bottom Line:

On the back of a sharp devaluation of the Egyptian pound on Jan. 11 and the highest interest rates in over five years, Egypt has witnessed a large inflow of short-term debt in recent weeks. But the return of large amounts of hot money raises doubts about Cairo’s ability to wean itself off these inflows anytime soon as other sources of more sustainable revenues, such as foreign direct investments (FDI) and exports, take time to materialize.

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