Egypt’s international bonds increased more than two cents following the Central Bank of Egypt‘s Wednesday decision to raise interest rates by 600 basis points. The currency fell to new record lows, indicating the beginning of a long-awaited devaluation, according to Reuters. Data from “Tradeweb” showed that longer-dated bonds made the biggest gains, with bonds due in 2047 rising 2.6 cents to 82.3 cents. Financial analyst Mostafa Shafie, said that the CBE’s decision to raise interest by six percent and completely liberalize the exchange rate came in the interest of the Egyptian sovereign debt instruments. It assures that Egypt would not be exposed to the risk of not paying its dollar obligati
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