Economics
World-Topping Rally Too Much for Egyptian Pound's Own Good
- Dollar inflows helped currency surge 15 percent this year
- Foreign investors absent from two debt auctions in a week
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The honeymoon period for Egypt’s pound may be nearing an end.
Nearly four months after a free float opened the floodgates for overseas funds and made the currency the world’s best performer this year, the government got an unpleasant jolt. Foreign investors, who had been almost the sole buyers at Egypt’s local treasury bill auctions earlier this month, were absent for two straight sales.