{"id":678585,"date":"2025-12-18T00:00:00","date_gmt":"2025-12-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=678585"},"modified":"2025-12-26T12:20:02","modified_gmt":"2025-12-26T12:20:02","slug":"can-we-convince-hot-money-to-stick-around-a-bit-longer","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/12\/18\/can-we-convince-hot-money-to-stick-around-a-bit-longer\/","title":{"rendered":"Can we convince hot money to stick around a bit longer?"},"content":{"rendered":"

The Mabdouly government is preparing a new incentive package and <\/strong>regulatory tweaks in a bid to start curbing our reliance on the hottest of hot money flows. <\/strong>The package of measures includes changes to the primary dealers system and the secondary market for local-currency debt, a senior government official told EnterpriseAM. <\/p>\n

The problem:<\/strong> Hot money in the local market hit USD 30.9 bn at the end of November, up from USD 25 bn in June. But some USD 9 bn is held by investors who move into and out of positions quickly, chasing high rates. Those are the kind of flows that can reverse fast when conditions change. Slightly lower, but stable, rates tend to attract higher-quality investors; elevated real yields bring riskier capital, the official said.<\/p>\n

What\u2019s in the package:<\/strong> Simplified primary dealer procedures, measures to get more banks into the primary market, new incentives that are still being finalized, and a tech upgrade to link trading, settlement, and clearing systems, we\u2019re told. The Egyptian Exchange is separately working to boost liquidity and pricing efficiency \u2014 and bring in new investors \u2014 for government bonds and T-bills, EGX chief Islam Azzam said at a conference this week. Average daily trading in the secondary market has already hit EGP 60 bn<\/strong>, according to Azzam. <\/p>\n

The goal here is to reward primary dealers<\/strong> who attract long- and medium-term institutional capital as officials try to turn the local debt market into a more-structural asset class rather than a high-yield playground.<\/p>\n

New instruments on the way:<\/strong> The Ministry is also planning to launch a retail debt market for the first time next year, we\u2019re told, adding to its recent rollout of sovereign sukuk, zero-coupon bonds, and floating-rate notes.<\/p>\n

Background:<\/strong> The Finance Ministry launched Egypt\u2019s first-ever local sovereign sukuk in October. The program\u2019s second issuance in mid-November was 11x oversubscribed, prompting the Ministry to increase its December issuances \u2014 the third tranche raised EGP 5.5 billion. The sukuk program targets EGP 200 billion by June 2026.<\/p>\n

Why it matters:<\/strong> The reforms are designed to support our bid to rejoin JPMorgan\u2019s local-currency EM bond index, from which we were turfed in 2024 when the FX crisis blocked hot-money investors from getting out of the market. Officials at FinMin are also looking to stretch out the maturity profile of Egypt\u2019s debt stock.<\/p>\n

When\u2019s it happening?<\/strong> Look for piecemeal implementation over at least a year, the official told us, alongside the rate cuts most market watchers expect in 2026. <\/p>\n

Who\u2019s working on it: <\/strong>The Finance Ministry is working with the Central Bank and the Financial Regulatory Authority on the new framework, which aims to boost liquidity in the debt market while attracting longer-term investors.<\/p>\n","protected":false},"excerpt":{"rendered":"

The primary dealers system in the primary market will be amended, along with the introduction of adjustments to the secondary market for local public debt<\/p>\n","protected":false},"author":1,"featured_media":678586,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[88,72,276],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-678585","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseam","tag-finance-ministry","wpautop","entry"],"acf":{"mongo_id":"beed4033-e357-47f9-aec9-6e837e9fca06","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/2566.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Gov\u2019t looking to introduce incentives to encourage longer-tenor holdings in hot money market","related_issue":[678570],"teaser":"The primary dealers system in the primary market will be amended, along with the introduction of adjustments to the secondary market for local public debt"},"yoast_head":"\nCan we convince hot money to stick around a bit longer? 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OF GOOD NEWS- Foreign flows have begun to trickle back into Egypt\u2019s local debt market. Foreign holdings of Egyptian treasury bills rose for the first time in five months in June, a tentative sign that Egypt may have seen the worst of the 2022 emerging-market sell-off which\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543430,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/01\/egypt-rejoins-jpmorgan-bond-index\/","url_meta":{"origin":678585,"position":1},"title":"Egypt rejoins JPMorgan bond index","author":"enterpriseam admin","date":"1 February 2022","format":false,"excerpt":"Egypt rejoined JPMorgan\u2019s emerging-market bond index following a decade of absence yesterday in a move that could bring new passive flows into the local debt market. Fourteen EGP bonds worth around USD 26 bn have been added to the JPMorgan GBI-EM Global Diversified Index, giving Egypt a weighting of 1.85%,\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/2.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563998,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/02\/egypt-expects-usd-3-4-bn-bond-inflows-in-2h2021\/","url_meta":{"origin":678585,"position":2},"title":"Egypt expects USD 3-4 bn bond inflows in 2H2021","author":"enterpriseam admin","date":"2 August 2021","format":false,"excerpt":"Egypt expects to see USD 3-4 bn of foreign inflows into the bond market in 2H2021, Beltone Financial\u2019s chief economist Alia Mamdouh told Bloomberg Daybreak this morning (watch, runtime 4:39). Portfolio flows should pick up over the next six months if Egyptian debt is made \u201cEuroclearable\u201d and the country\u2019s local-currency\u2026","rel":"","context":"In "SPEED ROUND: ECONOMY"","block_context":{"text":"SPEED ROUND: ECONOMY","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/340.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578364,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/","url_meta":{"origin":678585,"position":3},"title":"It\u2019s been a helluva year for global debt markets","author":"enterpriseam admin","date":"26 December 2022","format":false,"excerpt":"It has been a tumultuous year in the global debt markets as central banks around the world have aggressively raised interest rates in response to the largest wave of inflation since the 1970s. Reacting to price growth spurred by Russia\u2019s invasion of Ukraine in February and the impact of the\u2026","rel":"","context":"In "YEAR IN REVIEW: DEBT"","block_context":{"text":"YEAR IN REVIEW: DEBT","link":"https:\/\/enterpriseam.com\/egypt\/category\/year-in-review-debt\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/524.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":554286,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/28\/covid-era-debt-trends-didnt-quite-keep-up-in-2021\/","url_meta":{"origin":678585,"position":4},"title":"Covid-era debt trends didn\u2019t quite keep up in 2021","author":"enterpriseam admin","date":"28 December 2021","format":false,"excerpt":"Just as the pandemic stuck with us this year, heavy borrowing was another theme that spilled over to 2021 from 2020. The Central Bank of Egypt (CBE) has left rates on hold since November 2020, while globally, it\u2019s been a year of historically-low interest rates. The government continued to borrow\u2026","rel":"","context":"In "YEAR IN REVIEW: DEBT"","block_context":{"text":"YEAR IN REVIEW: DEBT","link":"https:\/\/enterpriseam.com\/egypt\/category\/year-in-review-debt\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/516.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563406,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/30\/foreign-investors-still-love-egyptian-debt\/","url_meta":{"origin":678585,"position":5},"title":"Foreign investors still love Egyptian debt","author":"enterpriseam admin","date":"30 June 2021","format":false,"excerpt":"Foreign investors\u2019 love story with Egyptian debt continued through May: Foreign inflows into Egyptian treasury bills continued to gain steam last month, rising to USD 22.3 bn (c. EGP 350 bn) as of the end of May from USD 20.9 bn (EGP 327 bn) in April, according to central bank\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/378.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/678585","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=678585"}],"version-history":[{"count":1,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/678585\/revisions"}],"predecessor-version":[{"id":678691,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/678585\/revisions\/678691"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/678570"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/678586"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=678585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=678585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=678585"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=678585"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=678585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}