Egypt’s Maait Says It’s Time to Rethink Carry-Trade Reliance
A customer pays a vendor for fresh vegetables at the Al-Monira market in Cairo.
Photographer: Islam Safwat/BloombergThis article is for subscribers only.
Egypt should focus on attracting more foreign direct investment and boosting exports so it relies less on its once-lucrative carry trade, Finance Minister Mohamed Maait said.
The North African country has been racing to limit its exposure to the economic impact of Russia’s invasion of Ukraine, which has imperiled crucial wheat imports and could curb its post-pandemic tourism revival. Egypt’s seen some $20 billion in foreign outflows this year as investors in local debt exited what had been a favorite market.