JPMorgan Cuts Egypt From Key Bond Indexes as FX (EGP USD) Shortages Mount

JPMorgan Chase & Co. will exclude Egypt from local-currency bond indexes tracked by billions of dollars worth of emerging market funds, underscoring the pressure on the country to resolve dire shortages of foreign exchange.

The North African nation will be cut from JPMorgan’s Government Bond Index-Emerging Markets, a suite of indexes tracked by more than $200 billion of funds, on Jan. 31. It will also be removed from a group of indexes known as ELMI+ on March 29, the US bank said in a report viewed by Bloomberg.