L
LequteMan
Guest
Egypt’s foreign-exchange reserves for the first time in 6 years, have overtaken Nigeria’s, according to a report from Bloomberg.
2011 was the last time the north African country had a more robust foreign exchange reserve than Africa's most populous nation.
In November, Egypt floated the pound and secured international monetary funding. It has seen overseas holdings of local-currency bonds soar to $7.5 billion from just $100 million earlier.
In Nigeria, where the central bank has tried to manage the naira instead of freeing it, reserves fell 2.3 percent last month.
The lesson: Sometimes it's better to let the market tell you what the rate should be, than the other way around.
2011 was the last time the north African country had a more robust foreign exchange reserve than Africa's most populous nation.
In November, Egypt floated the pound and secured international monetary funding. It has seen overseas holdings of local-currency bonds soar to $7.5 billion from just $100 million earlier.
In Nigeria, where the central bank has tried to manage the naira instead of freeing it, reserves fell 2.3 percent last month.
The lesson: Sometimes it's better to let the market tell you what the rate should be, than the other way around.
