Naguib Sawiris on Hot Money Outflows from Egypt
Egyptian businessman Naguib Sawiris emphasized that the movement of hot money (foreign indirect investments) in and out of Egypt does not impact the country's economy, as such funds are not reliable and can flee at any moment. He explained that the focus should be on long-term investment flows, which can be easily increased through simple measures. This statement was made in response to the recent activity in the secondary market for Egyptian government debt, which recorded a net sale of $69.8 million. He stressed that "hot money" does not appear in the Central Bank's official reserves nor is it relied upon in assessing the strength of the foreign exchange reserves; instead, it is solely used to support market balance and boost liquidity.
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