Egypt Sees Minimal Impact from Hot Money Exit Amid Global Sell-Off

Prime Minister Mostafa Madbouly reported that only 7-8% of the hot money left Egypt during Monday's global sell-off. The shift was due to foreign investors selling Egyptian pound treasury bills and converting them into dollars, driven by regional political tensions and concerns over government finances.

Prime Minister Mostafa Madbouly announced on Thursday that the exodus of hot money from Egypt during Monday's global sell-off amounted to just 7-8% of the total market. The press conference aimed to assuage concerns about the country's financial stability.

Foreign investors offloaded Egyptian pound treasury bills, converting the returns into dollars in a bid for safer assets, according to analysts and bankers. Their actions were influenced by regional political tensions and worries over Egypt's governmental finances.

This exodus, though noteworthy, forms a small portion of the larger financial landscape, hinting at underlying confidence among major asset holders despite recent market volatility.