The Central Bank of Egypt (CBE) announced the termination of the repatriation mechanism as of 4 Dec 2018. The CBE said in a statement that fresh foreign portfolio investments will be channeled through the interbank market, which will start on the mentioned date. Any balances held inside the mechanism before the aforementioned date can exit through it at any time. Investors will be charged 50bps over the CBE offer rate upon their exit. For our view, please review our latest note.
Mohamed Abu Basha