Egypt Bank Clears Backlog Of Investors Seeking To Repatriate Funds

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Egypt has cleared the backlog of investors seeking to repatriate funds. This is seen as an indication that the shortage of hard currency crippling the economy is easing. However, Bloomberg reports this may only apply to investors in stocks and bonds, who had at least $100 million awaiting repatriation by mid-January. Authorities have removed restrictions on the pound, cut subsidies and secured a 12 billion dollar loan from the International Monetary Fund. A 4 billion dollar Eurobond issuance last month has also boosted reserves to their highest levels in more than five years.
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Egypt