JP Morgan to exclude Egypt from emerging market gov't bond index by end of January


CAIRO - January 10, 2024: JPMorgan announced on Wednesday its decision to exclude Egypt from its index for government bonds of emerging markets (GBI-EM), effective January 31, 2024.
In an official release, JPMorgan stated, "Egypt has been under index surveillance since September 21, 2023, due to issues related to reported difficulties in essential foreign currency convertibility by concerned investors."
The release further highlighted that Egypt had maintained a weight of 0.61 percent in the diversified global index until December 29.
Egypt, with 13 bonds denominated in Egyptian pounds included in these indicators and maturities ranging from 2024 to 2030, was relisted on January 31, 2022, in the JP Morgan Index for government bonds of emerging markets (GBI-EM) after a decade-long absence.
The removal of Egypt from the GBI-EM in June 2011 was prompted by economic and political instability following the 25 January Revolution, impacting the country's ability to meet its requirements.