Egypt Cabinet Reboot Propels Emerging World’s Biggest Bond Gains
- North Africa’s biggest economy seeks to move on from crisis
- Former World Bank economist confirmed as new finance minister
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Egypt named an investor-friendly ex-World Bank economist as finance minister alongside business executives and former bankers to other key portfolios, as the nation seeks to move on from the worst economic crisis in decades.
The government’s dollar bonds rallied on the news, posting some of the biggest gains in emerging markets on Wednesday. In the non-deliverable forwards market — used to hedge against declines in currencies — the pound’s 12-month contract strengthened the most since late April.