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Egypt investors using arbitrage to get US$

Doing so means guaranteed losses but many are so desperate to get US dollars that they're willing to swallow the cost

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Egyptian Exchange data shows about 369 million Egyptian pounds (S$57 million) of its local shares were converted into GDRs in the two weeks ending May 12, amounting to nearly 40 per cent of total turnover.

Cairo

THE hot trade in Egypt's stock market is a sure thing - a guaranteed money-loser.

Clients have been snapping up shares of Commercial International Bank Egypt on the Cairo market, paying in Egyptian pounds, only to turn around and sell them in London for dollars at a loss of