As Egypt reaps the rewards of an intense devaluation, it tempts foreign investors back to its market. As the investment bank’s real effective exchange rate model demonstrates, Egypt’s currency is now the weakest in all emerging markets and African currencies since November. RenCap’s London-based global chief economist, Charles Robertson, told Bloomberg that the weaker currency [in Egypt] should motivate exports and encourage foreign direct investment over the next few years. Egypt floated its currency as a way to tempt and motivate foreigners back to its markets and relieve the shortage of foreign currency that has weakened the economy. Renaissance Capital announced the opening of its Cairo office in April, following the second Egypt Investor Conference that took place in Cape Town.

Source: Daily News Egypt May 10, 2017 17:37 UTC