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Thursday, 7 March 2019

Foreign holdings in Egyptian treasuries up to USD 15.8 bn

Foreign holdings in Egyptian treasuries up to USD 15.8 bn: Foreign investors held USD 15.8 bn of Egyptian treasury bills and bonds at the end of February, Finance Minister Mohamed Maait revealed on Wednesday, in a leap from January’s figures of USD 13.36 bn, Reuters reports. “That’s great news,” said Allen Sandeep, head of research at Naeem Brokerage, adding it signals foreign investors’ rebounding appetite for Egyptian debt. “That could mean that net foreign currency liabilities of banks have narrowed even more since January.” The CBE revealed that the average yield on 91-day Egyptian T-bills was 17.78%, with 17.85% for 182-day bills, 17.79% for 273-day bills, and 17.72% for 364-day bills. Meanwhile, the average yield on three-year bonds was 16.46% and 16.99% on seven-year bonds. All figures relate to T-bills and bonds issued on Tuesday.

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