Trading in emerging market debt rose 40 per cent in 1994 to reach $2.8 million million, but the proportion of Middle East and North African paper traded fell during the year, according to figures issued by the New York-based Emerging Markets Traders Association. In 1993, traded debt of countries covered by MEED made up 2.25 per cent of trading values, but in 1994 that had fallen to 1.81 per cent (MEED 24:2:95).

However, the total volume of MEED countries’ debt traded rose by 13 per cent during the year to $49,972 million.

Moroccan debt was the most heavily traded in 1994 accounting for $46,259 million, up by 33 per cent on a year earlier. This was followed by Egyptian paper, which accounted for $1,457 million, also up by 33 per cent. Trading in Turkish debt rose by almost 50 per cent in 1994 to $1,173 million.