Egypt regains its financial bearings as remittances from Egyptians living abroad drive a surge in the stock market.
A Bloomberg news segment named Egypt's stock market the fastest growing in the world in 2016, citing surging remittances from Egyptians working abroad as a main driver for the upswing in the financial markets.
Responding to if this reflects a continuation of solid fundamentals that are seen in Egypt's economic data, Bloomberg commentator Filipe Pacheco said: "In the last quarter of 2016, we have witnessed $4 billion enter the Egyptian economy, Egyptians are putting their money back in Egypt. And that's driving a surge in the stock market."
The Egyptian economy witnessed investments equivalent to almost EGP 2 billion in one day, Pacheco explained, saying: "For example, on Sunday, we recognised $250 Million enter the country for investment in Egyptian assets."
Watch the full segment here.