Only One Kind of Trader Is Doing Well as Egypt Pound Weakens
- Since devaluation, foreign investors are coming back to Cairo
- But surging food prices leave authorities wary of more unrest
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Since Egypt devalued its currency, life in Cairo has gotten a lot easier if you sell stocks for a living -- and a lot harder if you sell fruit.
Mostafa Nagaty at Arqaam Capital says he’d begun to fear that “this profession was dying.” Investors had fled Egypt after the uprising of 2011, and strict exchange-rate controls helped keep them away. Then, four months ago, the central bank let the pound float. “Now I’m getting approached by all types of clients,” said Nagaty, who’s head of institutional sales. “It’s amazing how things have changed.”