JPMorgan said on Wednesday it was excluding Egypt from its GBI-EM emerging market government bond index series effective Jan. 31.

“Egypt has been on Index Watch since September 21, 2023, in response to material FX convertibility issues reported by benchmarked investors,” JPMorgan said in a statement.

Egypt as of Dec. 29 held a weight of 0.61% in the Global Diversified index, it said. Egypt had 13 Egyptian pound bonds in its indices, with maturities ranging from 2024 to 2030.

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