World's Deepest Devaluation Makes Egypt Assets RenCap's Top Pick
- RenCap’s Robertson also sees value in Ghana, Ivory Coast
- South Africa unattractive at current exchange rate: Robertson
Renaissance Capital Likes Egypt as Haven Trade
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Egypt is reaping the rewards of a painful devaluation.
The plunge that sent its currency tumbling the most in the world over the past six months has made the nation’s assets among Renaissance Capital’s top picks in developing nations. The Egyptian pound is now the cheapest of all emerging-market and African currencies after it scrapped controls in November, the investment bank’s real effective exchange rate model shows.