JP Morgan has decided to exclude Egypt from its Government Bond Index-Emerging Markets (GBI-EM) index, Reuters reported, citing a statement by the American multinational financial services firm.

The decision is effective starting January 31st.

This move comes after the country had been under observation since September 21st, 2023, following reports of significant foreign exchange (FX) convertibility issues raised by benchmarked investors, JP Morgan noted.

As of December 29th, Egypt held a weight of 0.61% in the Global Diversified Index, as disclosed by JPMorgan.

The country was represented by 13 Egyptian pound bonds within its indices, with maturities spanning from 2024 to 2030.