Egyptian Financial News: 2012-08-29

News about EGP Devaluation
I read in Reuters yesterday that Morsi rules out currency devaluation. At the same time, he won't impose new taxes and will rely instead on investment, tourism, and exports. All the while running a budget deficit. Har har.

EUR T-bill Auction
In other news today, Egypt sold EUR513 million of one-year T-bills, exceeding goal of EUR400 million. This is the first offering of euro-denominated domestic debt. Egypt sold the notes at an average yield of 3.245%. Foreign investors made up of 20% of amount sold.

Also, the domestic stock market has been rallying. Hopefully I'll have the chance this week to expand my views on the issue.

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