Egypt has been enacting reforms like cuts in energy subsidies, introduction of a smart card system to administer rationing of food subsidies and broadening the tax base to diminish the government deficit from 10.2% to 10.5% for the fiscal year to about 8% to 8.% in fiscal 2018 to 2019. [Egypt Lures Foreign Investors]
In May, Egypt’s “government put on hold the implementation of a controversial tax on capital gains that had spooked investors,” according to the Journal.
EGPT is home to $55.7 million in assets. The ETF is loosely correlated to the S&P 500 with a correlation of just 0.21 to U.S. stocks and a beta of just 0.64, according to Market Vectors data.
Market Vectors Egypt Index ETF
